Asked by: Kate Osborne (Labour - Jarrow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has plans to extend the Self-Employment Income Support Scheme to October 2020.
Answered by Jesse Norman
The Chancellor of the Exchequer announced an extension to the Self-Employment Income Support Scheme on 29 May.
Eligible individuals whose business is adversely affected by COVID-19 will be able to claim a second and final grant when the scheme reopens for further applications in August. Individuals will be able to claim a taxable grant worth 70 per cent of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits and capped at £6,570 in total.
There will be no further changes and no further extensions to the scheme, which continues to be one of the most generous in the world.
Asked by: Kate Osborne (Labour - Jarrow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has plans to extend the Self Employment Income Support Scheme to people that became self-employed in 2019.
Answered by Jesse Norman
The Government has designed measures that can be implemented quickly and effectively, and it continues to work with stakeholders to make sure funding reaches those who need it most. Anyone ineligible for the Self-Employment Income Support Scheme who requires support should have access to other measures appropriate to their individual circumstances. These include the relaxation of the earnings rules in Universal Credit and the raising of the Local Housing Allowance rate.Asked by: Kate Osborne (Labour - Jarrow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the feasibility of extending mortgage payment holidays to people that have commercial mortgages during the covid-19 outbreak.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Banks and building societies are ready and able to support consumers impacted by COVID-19. On the 17 March, the Chancellor announced on behalf of the sector that banks and building societies will offer a 3-month ‘mortgage holiday’ for borrowers that are financially struggling with their repayments. This forbearance measure will enable affected borrowers to defer their mortgage payments for up to 3 months while they get back on their feet.
The FCA have also published guidance on payment holidays and repossession action for firms that engage in mortgage lending activities. This means that second charge mortgages are also captured by the measures. You can view the guidance here:
https://www.fca.org.uk/consumers/mortgages-coronavirus-consumers
As a form of forbearance, the option of a mortgage repayment holiday is open to any customer regardless of whether they are in payment shortfall. Any customer who is concerned about their current financial situation should get in touch with their lender at the earliest possible opportunity to discuss the best option for their them.
The Government has introduced an unprecedented package of measures to support businesses access the finance they need during this difficult period, and announced significant measures to directly provide support for SMEs including grants, business rates relief and other tax measures.
Asked by: Kate Osborne (Labour - Jarrow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing a pro-rata rate of business rate relief for all businesses with a rateable value above £51,000.
Answered by Jesse Norman
All eligible retail, hospitality and leisure businesses will pay no business rates in England for 12 months from 1 April 2020. There will be no rateable value threshold on this relief, and both small and larger businesses will benefit. Local authorities will reflect this holiday in bills as soon as possible.
The Government has provided enhanced support to the retail, hospitality and leisure sectors given the acute impacts of COVID-19 on those sectors. A range of measures to support all businesses has also been made available, including the Coronavirus Job Retention Scheme, the Coronavirus Business Interruption Loan scheme for SMEs, and a new lending facility from the Bank of England to help support liquidity among larger firms.