You will have heard Boris Johnson mention “furlough” when he spoke on Saturday night.
New “guidance” on the extension was issued straight away. However, that guidance is far from complete and many questions need answering before we can advise with any level of certainty.
Here’s what we do know…
Job Retention Scheme
The Furlough Job Retention Scheme (JRS) has been extended for a month to 30 November. For an employee to be eligible, they need to have been on a payroll run before 23:59 on 30 October 2020. Employers will have to pay the pension and employers NI costs. It will work as JRS did in August.
The issued government guidance on the Job Retention Scheme can be found here: https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme and the news briefing here: https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced
Mortgage holidays will continue until the end of November.
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 will be available up to £1,334 per month or £667 per two weeks;
• For properties with a rateable value of between £15k and £51k, grants will be available up to £2,000 per month or £1,000 per two weeks;
• For properties with a rateable value of £51k or over, grants will be available up to £3,000 per month or £1,500 per two weeks.
Self employed grant
There doesn’t appear to be any changes to the Self-Employed grants at present. 40% of average monthly trading profits, paid out in a single instalment covering three months’ worth of profits and capped at £3,750 in total.
We will send an update as soon as we know anymore.
If you know someone who might benefit from the information in this email, please feel free to share with them.
And, as always, if you have any questions please let us know and we will be happy to help.