Furlough Scheme Extended and Further Economic Support announced
In light of the increased restrictions the UK government is introducing additional economic and business support measures:
The Coronavirus Job Retention Scheme: The Coronavirus Job Retention Scheme, also known as the furlough scheme, has been extended to December 2020. Check to find:
- Which employees you can put on furlough to use the Coronavirus Job Retention Scheme
- If you can claim for your employees’ wages using the Coronavirus Job Retention Scheme
- What steps you need to take before calculating your claim
- Find out how much you can claim.
- For information on claiming for wages through the scheme click here.
The Job Support Scheme will not be introduced until after Coronavirus Job Retention Scheme ends.
Self-Employment Income Support Scheme Grant Extension: The grant is being extended from 1 November 2020. The grant will be increased from the previously announced level of 40% of trading profits to 80% for November 2020. Find out if you are eligible and how much you can get.
Business Grants: Business premises forced to close in England due to local or national restrictions will be eligible for the following:
- For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;
- For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;
- For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.
Business grant policy is fully devolved. Devolved Administrations will receive Barnett consequentials which they could use to establish similar schemes.
Loan schemes: application deadlines extended to January 31 2021: The application deadlines for the coronavirus Bounce Back Loan, Coronavirus Business Interruption Loan, Coronavirus Large Business Interruption Loan Scheme and coronavirus Future Fund have been extended until 31 January 2021.