The Chancellor has announced further increases in the financial support available to employers and the self-employed as follows:-
SEISS EXTENSION – taxable grant available covering the period November 2020 – January 2021. Calculated based on 40% of average trading profits (increased from 20% previously announced), paid in a single instalment and capped at £3,750. The level of grant available for the period covering February 2021 – April 2021 will be reviewed in due course.
JOB SUPPORT SCHEME OPEN – available for businesses that are open but are experiencing difficulty. Reduction in the total hours employees are required to work from 33% to 20% of usual hours, paid by employer. Employer contribution for hours not worked reduced from 1/3 to 5% (max. £125 p/m). Government will pay up to 61.67% (max. £1,541.75 p/m) of hours not worked.
JOB SUPPORT SCHEME CLOSED – no changes to the support available for businesses forced to close due to COVID-19 restrictions. Government will fund two thirds of employees normal pay up to £2,083.33 p/m.