After the announcement on Saturday evening of the new National Restrictions, we have summarised what we know so far about the financial support available.
Coronavirus Job Retention Scheme (CJRS) Extended
The Coronavirus Job Retention Scheme (CJRS) was due to end on 31 October 2020 and to be replaced with the Job Support Scheme (JSS). However, the CJRS has now been extended until December and the JSS will not start until the extension has finished.
Employees will receive 80% of their current salary for hours not worked, up to a maximum of £2,500. Businesses will have flexibility to bring furloughed employees back to work on a part time basis, or furlough them full-time.
The employer will be asked to cover National Insurance and Employer Pension Contributions.
To be an eligible employee under the extension, employees must be on an employer’s PAYE payroll by 30 October 2020. Employees can be on any type of contract and employers will be able to agree any working arrangements with employees.
Business premises forced to close, are to receive grants worth up to £3,000 per month under the Local Restrictions Support Grant.
- 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.
You will need to apply for the business grants directly through your local council website. We will keep you updated with any further information and for further details on how to apply.
Mortgage holidays were due to end on 31 October 2020; however, this has now been extended. Borrowers who have already received a mortgage payment holiday, will be entitled to a six month top up. Borrowers who have not yet had a mortgage payment holiday, will be entitled to a six-month holiday.
We will keep you updated as soon as further guidance is announced on the financial support available.