Covid-19 : Business Support 5.11.20 – Update 51
Please see below announcements made today in respect of the Coronavirus Job Retention Scheme (“CJRS”) and the Self-Employment Income Support Scheme (“SEISS”)
CJRS further extended to March 2021
The Chancellor has just announced that the CJRS will be further extended until the end of March 2021.
Payments are set to remain at 80% of employee’s wages up to £2,500 per month. However the Scheme will be reviewed in January to “decide whether economic circumstances are improving enough to ask employers to contribute more”.
As part of the revised CJRS, anyone made redundant after 23rd September can be rehired and put back on furlough.
Self-Employment Income Support Scheme
Following the two SEISS payments paid to cover a loss of income over the spring and summer, the Chancellor has now confirmed a third grant for the self-employed on the same terms.
This taxable grant will cover 80% of profits for November, December and January, up to a total limit of £7,500 – paid in a single instalment. Applications will be open from 30th November for those who are eligible and have been affected by coronavirus.
The government’s original plan was for this third grant to only cover 40% of average monthly trading profits, with a limit of £3,750 in total. However this was updated just this week, to cover 55% of trading profits (capped at £5,160), and has now been further extended again to 80%.
A subsequent – fourth – grant will cover a three-month period from the start of February 2021 until the end of April 2021, with terms to be confirmed later.