Extended support for businesses affected by coronavirus

Apparently the coronavirus is mutating and so it seems is the government’s support for the economy. On 24 September – following an announcement that there would not be an autumn Budget for 2020 – the chancellor Rishi Sunak announced the latest package of government support. These measures are to support business during the restrictions being imposed to limit the expected upswing in coronavirus cases: ‘Plans that seek to strike the finely-judged balance between managing the virus and protecting the jobs and livelihoods of millions.’

The measures were summarised in the Winter Economy Plan (tinyurl.com/y6dpclyq) as follows:

• a new job support scheme;
• an extended self-employed income support scheme (SEISS);
• a continuation of the VAT reduction to help the hospitality and tourism sectors;
• new payment schemes for deferred VAT and self-assessment tax liabilities;
• an extension of the four government-backed loans schemes; and
• changes to...