With a new national lockdown announced last night the government have made announcements on Economic Support for businesses.
CJRS
The Coronavirus Job Retention Scheme has been extended for a month. The amount you can claim is back up to 80%, with a maximum of £2,500 per month. Employers will cover the Pension and National Insurance contributions.
To be eligible for this extension, employees must have been on the payroll by 30th October 2020 (an RTI submission must have been sent to HMRC by 23.59 on 30th October), they DO NOT need to have been furloughed before.
Employees can be furloughed on a part time or full time basis.
The new Job Support Scheme has been postposed until the furlough scheme ends.
Business Grants
Businesses required to close in England due to the lockdown 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
CJRS bonus
An employer can claim a £1,000 CJRS bonus for any employee who has been furloughed and is still in employment at 31st January.
Mortgage Holidays
Mortgage holidays will no longer end on 31st October. Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday. Any Borrowers who have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.
As always please do let us know if you have any questions. We will be in touch with you before we run the November payrolls to enquire about furlough requirements and we will make all the claims for you as before.