Furlough continues
The Coronavirus Job Retention Scheme (CJRS) has been extended. The scheme was due to end on the 31st October, but this has now been extended in line with the new lockdown restrictions. The furlough scheme will pay 80% of employees wages, capped at £2,500. Flexible furlough will continue to be allowed, along with full time furlough. Employers are expected to contribute for Pensions & National Insurance.
Employees are eligible if the following apply:
- Employees must be on an employers PAYE RTI submission, prior to 30th October.
- Employees can be on any type of contract.
- For worked hours, employees will be paid by their employer subject to their employment contract and employers will be responsible for paying the tax and NICs due on those amounts.
- All employers with a UK bank account and UK PAYE schemes can claim the grant. Neither the employer nor the employee needs to have previously used the CJRS.
- Employers can claim the grant for the hours their employees are not working, calculated by reference to their usual hours worked in a claim period. Such calculations will broadly follow the same methodology as currently under the CJRS.
- When claiming the CJRS grant for furloughed hours, employers will need to report and claim for a minimum period of 7 consecutive calendar days.
- Employers will need to report hours worked and the usual hours an employee would be expected to work in a claim period.
- The job support scheme, which should have been introduced on the 1st November, has been postponed until December.
Business Grants
Businesses required 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;
- For properties with a rateable value of between £15k-£51k grants to be £2,000 per month;
- For properties with a rateable value of £51k or over grants to be £3,000 per month.
Self employed grants
- Available from 30th November 2020.
- Updated percentage of 55% instead of 40%, capped at £5,160 in total.
- If previously eligible for other self employed income support scheme grants you will be eligible for the next round of grants.
- Coronavirus must have an adverse impact on your business to qualify.
Bounce back loans
- The bounce back loan scheme has been extended. The loans will now be available until 31st January 2021.
- Companies can apply to ‘top up’ their loan, if they took less than 25% of their total turnover.
- The loans can now be taken over 10 years instead of the original 6 years.
Mortgage Holidays
Mortgage payment holidays have ben extended. Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.
For further information, please give contact us on 01332 238833, or head to our contact page.
