Financial expert Martin Lewis has now provided his “lockdown down” for all the help available to the Brits.
And there was a big news of quick breaking.
Speaking to viewers of the Martin Lewis Money Show on ITV, he said: “Today Farlow has expanded and self-employment grants have increased.”
However, many coronaviruses in the UK were subject to restrictions and were far from being brought in or returned from a single plan.
And all the schemes he mentioned are UK wide – so you work under the Welsh Fire Break, the English Lockdown or the new five-tier system in Scotland.
He first worked on the biggest issue.
“The big announcement today – Farlow has been extended until the end of March,” Martin said.
That means your boss can put you on the furlough – either part-time or full-time – and the government will cover 80% of your normal income when you don’t work.
It is more flexible than months.
Martin said, “Anyone can be cheated.
Even if you haven’t been before – or your firm hasn’t used this project before – you were hired before October 31st.
It also works for fixed term and zero-hour contracts.
However, it is not bailable.
“Farlow is totally your employer’s choice,” Martin said.
If you have recently been made redundant, if your boss agrees – then re-work until you are on pay between March 23rd and September 23rd, and furlough is also allowed.
He then proceeded to help the self-employed.
Martin noted that payments for self-employed income support have increased significantly recently.
“It was 20% when it was first announced,” Martin said.
It was then doubled to 40%, then to 55% earlier this week and they have raised it to 80% by March.
That means the new grant is now up to ,500 7,500.
“Applications on November 30th – should be there just in time for Christmas,” Martin said.
But there was bad news for people before him who missed out on him.
“You’re still excluded – not my choice,” Martin said.
Martin added that there is no cover for limited company managers either – but if you pay yourself an income through PAYE, you should be able to make a living on your own, Martin added.
Martin then took steps to get help from banks and other financiers rather than the government.
First – automatic monthly leave from mortgage for people infected with coronavirus should be available next week if they are not already.
He mentioned that interest has still been added, so you will see the rise and pay increase after that.
“My rule with mortgage leave – take one if necessary, but only if necessary,” Martin said.
It’s also a total of 6 months for the whole epidemic, so you can’t qualify if you’re already using time.
If you have already used your 6 months, you will be entitled to appropriate support instead – which may see a reduction in payment, interest waiver or increase in mortgage terms – but it will appear in your credit file.
Martin added that the card, loan and car finance holidays are also likely to return next week.
However, the overdrafts are not covered as they were last time – again with “appropriate support”.
Eventually, Martin rounded up the other support available.
He noted that the minimum credit waiver for universal credit has been extended to next April, to help self-employed people.
Their rules also changed when they returned to the business, and if they hadn’t already, people would be more likely to be approved.
Bailiffs have been told not to evict people even during lockdowns.
But there were also changes from the last lockdown.
Martin indicated that the MOTs have not been extended this time, you will be allowed to move home and traders will be allowed to go to your home.
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