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 31^st 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 1^st November 2020 to 31^st 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 10^th November 2020 on Gov.uk, and claims can be made from 11^th November 2020.

As a result of the extension to the CJRS the Job Retention Bonus payable in February 2021 has been cancelled.

https://www.gov.uk/government/publications/extension-to-the-coronavirus-job-retention-scheme/extension-of-the-coronavirus-job-retention-scheme

Similarly, the SEISS has also been extended, with two further quarterly payments announced. For the period 1^st November 2020 to 31^st 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 30^th April 2021 at a level to be advised. Full details will be published on Gov.uk week commencing 23^rd 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 31^st January 2021. In addition, businesses that have not borrowed the full amount should be able to apply for top-up loans from Monday 9^th November 2020.

https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan