England entered new coronavirus restrictions today, Thursday November 5th. Information about additional economic measures to support families and businesses during this period can be found below, with an additional factsheet attached at the bottom of this page.
Coronavirus Job Retention Scheme (CJRS)
The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31 October, will now be extended until March 2021.
Like before, the Government will pay 80% of wages for the hours furloughed employees do not work, up to a monthly cap of £2,500. Employers will need to pay all National Insurance Contributions (NICs) and pension contributions, and can top up wages above 80% if they choose to do so. There will be no gap in support between the previously announced end date of the CJRS and this extension. The CJRS will be reviewed in March to determine whether employer contribution will change. A letter from the Chancellor about the CJRS extension is attached at the bottom of this page.
More information (about who is eligible, part-time vs full-time furlough, and other FAQs) is available here.
Self-Employment Income Support Scheme (SEISS) Grant Extension
The value of the Self-Employment Income Support Scheme (SEISS) Grant Extension will be increased from 40% of average trading profits, to 55%. The opening of the service has been brought forward from 14 December to 30 November.
The SEISS Grant Extension provides support to the self-employed in the form of two grants, each available for three-month periods covering November to January and February to April. The Government will provide a taxable grant covering 55% of average monthly trading profits, paid out in a single instalment covering three months’ profits, capped at £5,160 in total. The second grant will cover a three-month period from the start of February until the end of April. The level of this grant will be reviewed and announced shortly.
More information about the SEISS extension is available here.
Support for Local Businesses
Non-essential businesses which must close under new restrictions will be eligible to receive up to £3,000 per month. Businesses in hospitality, leisure and accommodation sectors that have been suffering from reduced demand for a while will receive backdated grants at 70% of the value of closed grants, up to a maximum of £2,100 per month. Local authorities will also receive one off funding of £1.1 billion to use at their discretion in the support of local businesses which need extra help.
This funding will be allocated shortly, and more information can be found here.
Loan Schemes Extension
The Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and Coronavirus Large Business Interruption Loan Scheme will have application deadlines extended to the end of January 2021. Updated links to information and application portals for these loans can be found here.
Support for Individuals
Financial support during this period includes:
- £500 million Hardship Fund for local authorities to help struggling families
- £500 payments for low-income individuals who need to self-isolate
- £32 million for local councils to support clinically extremely vulnerable people to remain at home
- continued payment holidays on mortgages, personal loans and car finances
- continued £20-per-week increase in Universal Credit, and increased Local Housing Allowance
As circumstances change, and more advice and support becomes available, I will publish extra information both here on my website and via my Facebook page. As ever, you can get in touch with me at email@example.com.