All non-essential shops, leisure and entertainment venues across England are now closed in an effort to halt the spread of Covid-19. Pubs, bars and restaurants are only allowed to operate takeaway and delivery services.
These restrictions are due to end on 2 December, when the UK Government will seek to return to the previous system of three alert tiers.
As a result of these new measures, the Coronavirus Job Retention Scheme – which was due to end on 31 October – has been extended until the end of March 2021. Under this scheme, the UK Government will pay 80% of employees’ wages, up to a maximum of £2,500, for hours not worked while they are on furlough. Employers will pay pension contributions and employer National Insurance Contributions for the hours the employee does not work.
The introduction of the Job Support Scheme, which had been scheduled to replace the Coronavirus Job Retention Scheme on 1 November, has now been postponed.
The Scottish Government has also announced restrictions affecting the country’s hospitality industry. Since Monday 2 November, hospitality premises in certain areas have been able to serve alcohol indoors with meals until 8pm. Licensed premises in Level 3 areas will not be allowed to serve alcohol, indoors or outdoors.
In Wales, the “firebreak lockdown” ended on Monday 9 November, enabling pubs, restaurants and non-essential shops to reopen, subject to strict controls.
As these challenging times for the British economy continue, LendingCrowd stands ready and able to help small and medium-sized business access much-needed support through the Coronavirus Business Interruption Loan Scheme (CBILS).
What this means for lenders
CBILS is restricted to institutional lenders – individual lenders are not allowed to fund these loans. As we continue to support businesses the length and breadth of Britain, we expect that all our lending will be made through CBILS for the foreseeable future. No new loans will be available to individual lenders while this is the case.
A segment of LendingCrowd borrowers have used CBILS and the Bounce Back Loan Scheme to refinance their existing LendingCrowd loans, so we have seen a higher rate of repayments in full. As a result, lenders may have noticed funds from these repayments have been building up in their LendingCrowd accounts. Find out more in our FAQs for lenders.
On behalf of all our borrowers, we thank our valued community of lenders for their continued support.