So, lockdown is approaching… Again!
In order to support you and your employees through this next month; The Government have extended the CJRS, aka the Furlough Scheme.
Here are the basics:
- The scheme will remain open until December
- All employers, small and large are eligible
- Employees are to receive 80% of wages to make up for hours not worked (just like last time) up to a maximum of £2,500
- Employers will only be asked to cover NI and employer pension contributions. This accounts for 5% of employment costs
- For business’ premises forced to close, the LRSG will provide grants worth up to £3000 per month
- To ensure peace of mind for homeowners – mortgage holidays won’t end yet
- Following the end of this, the introduction of the Job Support Scheme will be upon us
Don’t stress! They’re not ending yet!
- Borrowers impacted by COVID who haven’t had a mortgage payment holiday are able to have a six month holiday
- In addition, borrowers who’ve already had a mortgage payment holiday can top this up to six months without credit file recording
This part is for businesses that are having to close due to COVID.
- Rateable value of:
- £15K or below, grants will be £1,334 per month (or £677 per 2 weeks)
- £15K – £51K, grants will be £2,000 per month (or £1,000 per 2 weeks)
- Finally, £51K or over, grants will be £3,000 per month (or £1,500 per 2 weeks)
So who is eligible?… Specifically?
- All will a UK bank account and UK PAYE schemes can claim grant
- NEITHER EMPLOYER OR EMPLOYEE NEED TO HAVE PREVIOUSLY USED THE CJRS
- Must be on an employer’s PAYE payroll by 23:59 30th October 2020
- Can be on any type of contract
- When claiming furloughed hours of an employee, employer must claim for a minimum period of 7 consecutive calendar days
- Employers must report employee’s hours worked and usual hours
This information was published on the 31st October 2020 on the Gov.uk website.
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