What help is available now that we are entering a second lockdown?

The government has extended the Furlough Scheme until December 2020, so employees will be entitled to receive 80% of their current salary (capped at ￡2500).

The cost for employers retaining workers will be reduced compared to October with them only having to cover National Insurance and employer pension contributions. 

This basically puts the scheme back to where it was in August. It is also good to note that the scheme has been updated to include employees who have been hired since the last lockdown, as long as they were on the payroll in October.

In addition: 

• If employees are kept in continuous work, earning more than ￡520 per month (avg.) up to 31st Jan 2021, the Government will pay employers ￡1000 per member of staff brought back from furlough
• Local Restriction Grants of up to ￡3,000 per month will be made available to business premises which are forced to close.
• The Job Retention Scheme will continue for a further month for charitable or non-profit employers.
• Mortgage payment holidays will continue for 6 months for new and previous claimants.
• Applications for the Bounce Back Loan Scheme and the Coronavirus Business Interruption Loan Scheme will stay open until 31 January.
• Self-employed grants have also been topped up to 80% for those who qualify to match the increase in the furlough scheme. 

The job Support Scheme, which was due to start 1st November, has been postponed until the furlough scheme ends. For further advice on what help is available, speak to us here at Woods Russell.