Information on the new national restrictions, including what they mean for working from home and business closures, why they are being introduced and the financial support available can be found by clicking on the following link:
The Job Retention Scheme (Furlough Scheme) will remain open until December, with employees receiving 80% of their current salary for hours not worked, up to a maximum of £2,500. Under the extended scheme, the cost for employers of retaining workers will be reduced compared to the current scheme, which ends today. Employers will only pay employer National Insurance Contributions (NIC’s) and pension contributions only for the hours the employee does not work. This means the extended furlough scheme is more generous for employers than it was in October.
To be eligible to be claimed for under this extension, employees must be on an employer’s PAYE payroll by 2350 hours on 30 October 2020. This means a Real Time Information (RTI) submission notifying payment for that employee to HMRC must have been made on or before 30 October 2020.
The Job Support Scheme, which was scheduled to start on 1 November has been postponed and will be introduced following the end of the furlough scheme.
Business Grants will be available to businesses required to close in England due to local or national restrictions:
- 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.
Also, £1.1bn is being given to Local Authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly.
Mortgage Holidays will also no longer end on 31 October 2020. 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, click on the following link: