- Farrell & Farrell
Increased Support for Self-Employed & Employers
The government is increasing its support to the self-employed and employers as below:-
CORONAVIRUS JOB RETRENTION SCHEME - The Furlough scheme is being extended until December. 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. The Job Support Scheme will be introduced following the end of the CJRS.
SEISS INCREASE - Self-employed individuals will receive 80% of their average trading profits for November, together with 40% for December and January. This increases the total grant from 40% to 55% of trading profits for November to January and the max grant increases to £5,160. Claims will be open from the earlier date of 30 November 2020.
BOUNCE BACK LOAN SCHEME– The government-backed loan scheme has been further extended until 31 January 2021.
MORTGAGE PAYMENT HOLIDAY - This will no longer end on 31 October. Borrowers impacted by COVID who haven't had a mortgage holiday will be entitled to a 6-month break. If you've already started a mortgage holiday you can top up to 6 months.
Detailed guidance on the above measures to follow.