Furlough extension and increased support for the self-employed
The Chancellor has announced his plan to increase the support available to workers and the self-employed over the winter period. A few of the main announcements are as follows.
- The Coronavirus Job Retention Scheme (CJRS), also known as the furlough scheme, will now be extended to 31 March 2021.
- The Government will not pay the Job Retention Bonus in February but instead redeploy a retention incentive at the right time.
- The next Self-Employment Income Support Scheme (SEISS) grant will be increased from 55% to 80% of average trading profits, with a limit of £7,500.
- Applications for Coronavirus Business Interruption Loans (CBIL’s) and Bounce Back Loans (BBL’s) schemes have been extended to the end of January.
- Firms can now top-up Bounce Back Loans should they need extra finance.
To read Government news update, visit the Government website here.
Redundancy Payments – Financial Assistance
Assistance is available to help employers in the UK with severe cash flow problems to make necessary redundancy payments.
If your business would become insolvent as a result of making the statutory redundancy payments, the Insolvency Service’s Redundancy Payments Service (RPS) may be able to help.
For more information about redundancies, visit the Government’s website.
Better Business for All Covid-19 Toolkits
The Better Business for All Toolkit has been further improved. To help businesses with the implications of Covid-19, two new resources are now available on our website and to download: