Directors: Coronavirus

Treasury written question – answered on 17th November 2020.

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Photo of Mike Amesbury Mike Amesbury Shadow Minister (Housing, Communities and Local Government)

To ask the Chancellor of the Exchequer, what additional steps he has taken during the November 2020 covid-19 lockdown to support small company directors who in normal operating periods would have received dividend payments.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

The Winter Economy Plan set out a package of targeted measures in response to the current economic context that will enable businesses to protect jobs and manage their finances in the face of reduced or uncertain demand. This includes the extension of the temporary VAT reduced rate for hospitality and tourism, extending the application window of the access to finance schemes, and further support for employees and the self-employed.

Company directors who pay themselves a salary through a PAYE scheme are able to apply for CJRS support, subject to meeting the eligibility criteria of the scheme. In addition, company directors may be eligible for other elements of the package of financial support available. This includes Bounce Back loans, tax deferrals, rental support, mortgage holidays, increased levels of Universal Credit, self-isolation support payments and other business support grants.

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