Can't Repay Bounce Back Loan? Get Free Advice

Require Immediate Support? Free Director Helpline: 0800 644 6080

Real Business Rescue

Free Director Helpline: 0800 644 6080

Coronavirus Winter Economy Plan: Key Points for Businesses and Sole Traders


Insolvency Practitioner Approved

What the Winter Economy Plan means for business owners

Coronavirus Job Retention Scheme (CJRS)

With the Coronavirus Job Retention Scheme (CJRS), which saw millions of people being placed on furlough during the spring and summer, due to initially end at the end of October, the pressure was on the Chancellor to unveil a replacement scheme when he gave his winter economic plan, materialising as the Job Support Scheme. On 5 November 2020, the Chancellor announced that the Job Support Scheme will no longer come into play and the Coronavirus Job Retention Scheme will be extended until the end of April 2021.

While stating many people have been brought back into work after being placed on furlough, he acknowledged that measures were still needed to protect those in vulnerable, but viable, jobs going forwards.

Received a Bounce Back Loan?

Don't Worry - There are thousands of other company directors going through the same process. No matter what position you are in and need looking for options, speak to a member of the Real Business Rescue team. It's Free & Confidential.
The team are available now -  0800 644 6080

Bounce Back Loans and Pay As You Grow

Additionally, Sunak also announced Pay As You Grow. As part of this, Bounce Back Loans can be extended for up to 10 years from the current six, a move which will almost halve the average monthly repayment figure. Furthermore, interest-only payments can be made for companies which are struggling, with those most in financial distress, able to take a six-month repayment holiday to help them get back on their feet.

Best of the rest

The planned VAT increase for retail and hospitality has been cancelled, meaning businesses in these key industries will continue to pay VAT at 5%, now extended until January 2021. All of the government’s state-backed loan schemes will be extended until the end of the year, giving more companies the opportunity to apply. Furthermore, businesses will now be able to pay their VAT over 11 months in an effort to boost immediate cash flow.

Contact the RBR Team Today

Here at Real Business Rescue we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY
Free download

Free Insolvency Report

Claim Your Free Business Review

Simply search your Limited Company Name or Company Number

Next Steps

We provide free confidential advice with absolutely no obligation.
Our expert and non-judgemental team are ready to assist directors and stakeholders today.