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Update on Financial Support

Packages for Businesses​

Following the Chancellor's statement on 5th November, a document has been released by Treasury outlining the recent changes to business support packages – please see full details here.   Below are a few highlights:

 

  • Furlough scheme extended until 31 March 2021

    • The Chancellor has announced that the furlough scheme is extended to end of March, staying at 80%. Employers will only need to pay the cost of pension and national insurance contributions for hours not worked. This will be reviewed in January however, to see if employers should be asked to pay more.

      • Employees need to have been on the payroll at the latest 30 October 2020.

      • Employees who were on the payroll on 23 September 2020, but subsequently made redundant, can be re-employed and claimed for under the CJRS.

    • The Job Retention Bonus – £1,000 for keeping workers on until January – has now been dropped. This sort of incentive will be redeployed at the appropriate time.

 

  • Support for self employed

    • The Chancellor has also announced that the Self-Employment Income Support Scheme grant covering November to January will now be calculated at 80% of average trading profits, up to a maximum of £7,500, with a further grant to follow covering February to April.

 

  • More information on discretionary grants

    • Businesses forced to close will be able to access grants of up to £3,000 per month, as per previous releases.

    • In addition, LAs will be given funds to distribute ‘Additional Restrictions Grants’. These are intended to be discretionary, and the full guidance is here

      • In terms of the size of the funds, each LA will receive a one-off payment of £20 per head

      • Allocations are set to be made to LAs later this week

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