Lockdown 2.0 and financial support

Here we go again…

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…

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.

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.

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 update this information as soon as we know anymore.

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