Coronavirus support packages update

Following the £150 billion pounds injection from the Bank of England, the Chancellor has made yet more changes to the Coronavirus support packages which will help support workers and business until spring 2021. We’ve highlighted the main changes below;

Coronavirus Job Retention Scheme (CJRS)

• The CJRS will now run to 31st March 2021.
• The Government will meet 80% of the furloughed hours.
• Employees that were employed and on the payroll on 23rd September 2020, who were made redundant or stopped working afterwards, can be re-employed and claimed for. The employer must have made an RTI submission to HMRC from 20th March 2020 to 23rd September 2020, notifying a payment of earnings for those employees.

Self-Employed Income Support Scheme

• The Government recently increased the SEISS claim for the period of November to January inclusive from 40% to 55% of the average net profits.
• They have now increased that to 80% (maximum £7,500).

Coronavirus Job Support Scheme (CJSS)

• The CJSS which was due to replace the CJRS has been put on hold. It’s unlikely this will ever come into play but it has not been discounted.

The Job Retention Bonus (JRB)

• The JRB of £1,000 per furloughed employee, whose employment was retained up to the end of January 2021 has now been withdrawn.

As ever as things change we will endeavour to keep you updated with the latest information or visit GOV.UK to find out more.