Chancellor announces £22 billion package of aid for businesses affected by new covid restrictions.

Rishi Sunak promised grants of up to £2,100 a month for ‘Tier 2’ companies that are not forced to close but are struggling to be commercially viable.

As many as 150,000 businesses could qualify for the payments, which could cost the Treasury £1.2billion. 

The new Job Support Scheme replaces the furlough and will be extended to firms that are legally allowed to open.

It will be more generous allowing employers to pay just 5 per cent of staff wages, while the minimum threshold for hours worked will be reduced to one day.

If an estimated two million people enrol, it could cost the Treasury £6billion. 

Mr Sunak also increased grants for self-employed workers to 40 per cent of the average profits, up to a maximum of £3,750 a month, which could cost about £3billion.

Government borrowing was revealed to be running at £1billion a day during the pandemic. 

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

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• Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period. 

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution? 

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

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