Government Support Announcement 31st October 2020

Job Retention Scheme

• This extended Job Retention Scheme will operate as the previous scheme did, with businesses being paid to cover wages costs.
• The CJRS is being extended until the end of November. The level of the grant will mirror levels available under the CJRS in August, so the government will pay 80% of wages up to a cap of £2,500 and employers will pay employer National Insurance Contributions (NICs) and pension contributions only for the hours the employee does not work.
• As under the current CJRS, flexible furloughing will be allowed in addition to full-time furloughing.
• Employees must have been employed and had an RTI submitted by 30^th October 2020

Additional guidance will be available soon, including how to claim.

Mortgage Holidays

Mortgage payment holidays will also continue to be available.

Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.

The Financial Conduct Authority will announce further information on Monday.

Business Grants

Businesses required to close in England due to Government local or national restrictions will be eligible for the following:

• 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.

https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced?fbclid=IwAR1zcMPTlhuuD-cF-5gAvDfgvOVhBXG21XPnzpAEJQNo84cVHtDi65zbOXM

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