TODAY'S BULLETIN
Hi <<First Name>>, this weekend saw a big U-Turn on the Furlough scheme with the announcement of a second Lockdown. I’m sure that more updates from the Government will follow shortly but this is what we currently know:
Job Retention Scheme (Furlough)
- This has been extended to 30 November 2020 (further extensions may follow)
- This will cover up to 80% of an employee’s wages for the hours not worked (cap of £2,500 per month)
- Unlike when the scheme was introduced in March, employers will need to pay Employers National Insurance and Pension Contributions
- To qualify an employee had to be paid through the company payroll as at 30 October 2020
- Employees do not need to have been included on a previous claim.
We expect the claims process to be the same as the current scheme.
Self-employed Scheme (SEISS)
There has been no new information provided yet, we expect it to stay at 40% of average profits.
Local grants
Where businesses must close by law, they can apply to their local authorities for the following support grants:
Rateable value of premises |
Grant payable per 2 weeks |
Up to £15,000 |
£667 |
£15,001 - £50,999 |
£1,000 |
£51,000 or more |
£1,500 |
I'll send out further information as we know more.
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Disclaimer: Advice shared in this newsletter is intended to inform rather than advise. We will accept no responsibility for any financial loss incurred.
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