Coronavirus – Business Support Update – 09/11

We have below outlined the latest changes made to the Coronavirus support packages for employers and the self-employed, but we’re sure that you’ll appreciate that the frequency of changes and u-turns being made by the Government is making it harder to provide reassurance and clarity to our clients.  Indeed, this is our third e-mail since 30 October explaining changes made to earlier policy announcements.  As such, whilst the below details the latest position as we know it, please do feel free to contact us if you’re unsure what support is now available to you and your business.

Last week the Chancellor announced significant additional support available in respect of the Coronavirus Job Retention Scheme (“CJRS”) and the Self-Employment Income Support Scheme (“SEISS”), as follows:

CJRS

  • The CJRS will be extended until March 2021. For claim periods to 31 January 2021, the Government will pay 80% of employees current salary for hours not worked, capped at £2,500 per employee per month. The level of grant available for February and March 2021 is yet to be decided and will be reviewed in January.

  • The Job Retention Bonus, which was set to pay businesses £1,000 per employee previously furloughed under the CJRS but kept in continuous employment until at least 31 January 2021, will no longer be paid in February 2021, as the CJRS will still be in operation. An alternative employee retention incentive will be put in place at a later date.

  • Claims for periods from 1 November can be made from 11 November 2020.  As a reminder, the final date for CJRS claims for periods up to 31 October is 30 November 2020.

SEISS

  • The first grant, covering the period November 2020 to January 2021 will now cover 80% of three month’s average monthly profits, capped at £7,500. The grant will still be paid out in a single instalment.

  • Further guidance is expected from the Government, including how to claim, week commencing 23 November.

If you have any questions please feel free to contact us.

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