With the 4-week national lockdown receiving Parliamentary approval on Wednesday, changes to the Coronavirus Job Retention Scheme (CJRS) and the Self-Employed Income Support Scheme (SEISS) have also been announced.
Originally due to end on 31st October, and be replaced by the Job Support Scheme, the CJRS has now been extended. The extension will now run to March 2021. For the period from 1st November 2020 to 31st January 2021 the Government will cover 80% of the pay for furloughed employees, up to a maximum of £2,500 per month. This will be reviewed in January 2021. Full guidance should be available from Tuesday 10th November 2020 on Gov.uk, and claims can be made from 11th November 2020.
As a result of the extension to the CJRS the Job Retention Bonus payable in February 2021 has been cancelled.
Similarly, the SEISS has also been extended, with two further quarterly payments announced. For the period 1st November 2020 to 31st January 2021 the level of taxable grant has been increased from 55% to 80% of three month’s average trading profits, up to a maximum of £7,500. A further payment will be available for the quarter to 30th April 2021 at a level to be advised. Full details will be published on Gov.uk week commencing 23rd November 2020.
https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced
The Government has also announced some changes to the Bounce Back Loan Scheme (BBLS). Under the scheme business can borrow up to 25% of their turnover, up to a maximum of £50,000. The scheme has now been extended to allow applications to 31st January 2021. In addition, businesses that have not borrowed the full amount should be able to apply for top-up loans from Monday 9th November 2020.
https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
With the 4-week national lockdown receiving Parliamentary approval on Wednesday, changes to the Coronavirus Job Retention Scheme (CJRS) and the Self-Employed Income Support Scheme (SEISS) have also been announced.
Originally due to end on 31st October, and be replaced by the Job Support Scheme, the CJRS has now been extended. The extension will now run to March 2021. For the period from 1st November 2020 to 31st January 2021 the Government will cover 80% of the pay for furloughed employees, up to a maximum of £2,500 per month. This will be reviewed in January 2021. Full guidance should be available from Tuesday 10th November 2020 on Gov.uk, and claims can be made from 11th November 2020.
As a result of the extension to the CJRS the Job Retention Bonus payable in February 2021 has been cancelled.
Similarly, the SEISS has also been extended, with two further quarterly payments announced. For the period 1st November 2020 to 31st January 2021 the level of taxable grant has been increased from 55% to 80% of three month’s average trading profits, up to a maximum of £7,500. A further payment will be available for the quarter to 30th April 2021 at a level to be advised. Full details will be published on Gov.uk week commencing 23rd November 2020.
https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced
The Government has also announced some changes to the Bounce Back Loan Scheme (BBLS). Under the scheme business can borrow up to 25% of their turnover, up to a maximum of £50,000. The scheme has now been extended to allow applications to 31st January 2021. In addition, businesses that have not borrowed the full amount should be able to apply for top-up loans from Monday 9th November 2020.
https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.