As you may expect, the announcement of a second national lockdown has resulted in some further changes to the support measures in place for individuals and businesses. The key points are as follows:
It was previously announced that the Coronavirus Job Retention Scheme (also known as the furlough scheme) would come to an end on 31 October. This was set to be replaced by the new Job Retention Scheme from 1 November onwards. However, following the announcement of a second national lockdown, it was confirmed that the current scheme will remain in place for another month (until 30 November) and the new Job Support Scheme will be introduced on 1 December.
The support provided under the CJRS has been scaled back over the past few months, however this will be increased back to 80% for furloughed employees.
The key points under the scheme are:
As was previously the case, it is important that employers keep detailed records of an employee’s pay and any hours not worked to make the claim.
It was previously announced that self employed individuals eligible for the SEISS would be entitled to 40% of their average trading profits for the November, December and January. The month of November has now been increased to 80% in line with the furlough scheme.
The key points are:
Businesses required to close in England due to local or national restrictions will be eligible for the following grants:
As with the previous lockdown, these grants will be administered by local authorities. Therefore we would advise eligible businesses to review their local authority website for further guidance and details on any application process.
Finally, it was also announced that the option of agreeing a mortgage payment holiday will no longer end on 31 October as previously announced. Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday. Those 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 not hesitate to get in touch should you require any further information.