Covid-19 : Business Support 03.11.20 – Update 50
A number of additional measures have been introduced over the weekend and yesterday afternoon which are summarised below:
Over the weekend the UK Government announced, that they intended to extend the furlough scheme (Coronavirus Job Retention Scheme) into November, ahead of the upcoming national coronavirus lockdown in England. The level of the grant will mirror levels available under the CJRS in August, so the government will pay 80% of wages up to a cap of £2,500 and employers will pay employer National Insurance Contributions and pension contributions only for the hours the employee does not work.
This has meant that previously proposed replacement scheme, the Job Support Scheme (JSS), which was due to commence on 1st November 2020 has now been postponed until the furlough scheme ends.
Self-employed income support Scheme
Yesterday afternoon, the Chancellor announced that the support available under the Self Employed Income Support Scheme (“SEISS”) is being increased from 40% of trading profits to 80% for November. Therefore the SEISS grant over the three months ended January 2021 will increase from 40% to 55% of trading profits, and the maximum grant increases to £5,160. Furthermore grants will be paid faster than previously planned with the claims window opening at the end of November rather than the middle of December.
Extension of government backed loans
It was also announced this after that to help more businesses access additional support the deadline for applications to government backed loan schemes and the Future Fund have been further extended until 31st January 2021.
A summary of these additional measures along with detail on other extended / additional supports announced over recent weeks, as set out below, can be found here
- Northern Ireland Localised Restrictions Support Scheme (LRSS)
- Northern Ireland Covid Restrictions Business Support Scheme (CRBSS);
- Localised Restrictions Support Grant (England only);
- Extension to Coronavirus Job Retention Scheme;
- Self-Employment Income Support Scheme (SEISS) Grant Extension;
- Job Support Scheme (JSS) Note this was due to replace the CJRS from 1st November however has now been postponed until the furlough scheme ends;
- Other Supports
- Mortgage Holiday extension;
- Extended VAT reduction for hospitality and tourism businesses;
- New VAT payment scheme;
- Extended self-assessment tax payments deadline;
- Bounce Back and CBILS loan schemes extended until 31st January 2021 and can now be repaid over 10 years instead of the original 6 years.