5th November 2020All change! (again) – an overview of changes to Government support packages
We have lost count of the number of changes and announcements from The Chancellor that have been made since March.
With the support available in a constant state of flux, it can be difficult to keep up with the latest measures. We have put together a simplified overview of what the latest measures mean and how you can benefit from them.
The Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme has been extended until March with employees receiving 80% of their current salary for hours not worked and further economic support announced.
- All businesses are eligible – employers of all sizes, charitable or non-profit
- All contract types are eligible – employees can be on any type of contract. Employers will be able to agree any working arrangements with employees.
- Flexible furlough is allowed – as under the current CJRS, flexible furloughing will be allowed in addition to full-time furloughing.
- The Job Support Scheme may be introduced following the end of the CJRS.
Don’t forget, when claiming the CJRS grant for furloughed hours, employers will need to report and claim for a minimum period of 7 consecutive calendar days.
Government grants – what’s still available?
- Grants worth up to £3,000 per month under the Local Restrictions Support Grant.
- Businesses required to close in England due to local or national restrictions will be eligible for the following (aligned to existing Business Rates):
- 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.
Government loans – extensions you should be aware of
- The CBIL’s loan has been extended until January 2021
- UK firms will now have until the end of January to apply for emergency business loans, including bounce back loans (BBLS), coronavirus business interruption loans (CBILS) and the CLBILS scheme for larger firms. That is two months longer than the existing 30 November deadline. The extension also applies to the Future Fund, aimed at UK startups.
If you would like to have an extended discussion about your own circumstances, get in touch – our partners are here to support you through these challenging times.
These details are in accordance with Government guidelines on 5 November 2020.
The information contained in this guidance has been obtained from public sources and every attempt has been made to ensure its accuracy at the date of publication. In this ever-changing environment, this information is subject to change and we will not accept liability for losses arising from changes in the law or the interpretation thereof.