Furlough and Self-employment Income Support Schemes

Just as lenders were all publishing criteria about no longer accepting Furlough Income as admissible income, the Government announced last week an extension to the scheme until 31 March 2021.

This prompts a view we are facing further lockdowns, travel bans and closed entertainment venues for the first quarter of 2021.

Some lenders were quick out the blocks to say they will once again be accepting Furloughed Income as acceptable income. Those at the 80% mark and others accepting the full salary, when topped up by employers.

What has been less reported is the extension to the self-employed scheme which has also been extended, offering two further grants for three month periods. The first covering November 2020 to January 2021 and the second from February 2021 through to April 2021.

The online service to claim the first grant will be available from 30 November 2020.

Given the relaunch of these schemes has only just been announced, not all lenders are out with their criteria but I expect we will have this information early this week.