Coronavirus business support changes announced yesterday 22nd October 2020
If your business has to close and you live in a tier 3 area:
- Workers will be paid up to 67% of their wages (up to £2,100 per month) through JSS
- To be eligible you must be off work for min 7 days
- Your employer doesn’t have to pay towards your wages
If you are still open and only have enough work for employees to be part time:
- Staff must be paid by their employer to work a min of 20% of their hours per month
- Employer must pay an extra 5% of total wages to cover some of the hours not worked
- The government will pay 62% for hours not worked
- Overall, 73% of salary to a maximum of £1,541.75
- Must be on payroll as at 23rd September
- Each arrangement must cover at least 7 days
- Cannot be made redundant or given notice until JSS estops being claimed
- Scheme will run from 1 November for 6 months then reviewed
Self-employed grant doubled to 40% of profits to a maximum of £3,750 over 3 months.
- A first taxable grant at the start of November will cover 40% of average monthly trading profits, with a limit of £3,750 in total. It will be paid out in a single instalment covering three months’ worth of profits.
- The second grant, with the same terms, will cover a three-month period from the start of February 2021 until the end of April.
- HMRC will use existing information to identify those eligible and invited applications
- The application requires them to confirm that they meet the eligibility requirements
- It will be paid straight into a bank account, which eligible taxpayers will need to confirm on their application form
- HMRC should have directly contacted those eligible
Additional Support for businesses
Tier 3 businesses qualify for a grant of up to £3,000 a month
Hospitality, accommodation and leisure firms in tier 2 and 3 areas will be eligible for a backdated grant of £2,100 per month
£1,000 for every furlough employee kept on until at least end of January
£1,500 for every out of work 16-24-year-old given a high quality 6 month work placement
£2,000 for every under 25’s apprentice taken on until end of January or £1,500 for over 25’s
