Covid-19 continues to cause havoc and uncertainty for businesses and freelancers. In order to help the economy during this increasingly difficult time, the government has announced changes to the support available.
Job Retention Scheme (Furlough)
The Job Retention Scheme (JSS) set up to help retain jobs through the Covid-19 crisis, has now been extended to the end of March. Staff members can now be furloughed if they were on payroll before October 30th. This will cover 80% of wages, capped at £2,500 per month.
SEISS for those who have been affected by Covid-19 has been bolstered and extended. If you are eligible (and you must have received previous grants in order to qualify) the next grant can be claimed on November 30th, and will now cover 80% of your profits for November to January 2021. The grant will be capped at £7500. An additional grant will be available for the period covering February to April, 2021. However, there are no further details on this grant yet.
Businesses that are legally required to close in England due to local or national restrictions brought about by Covid-19will be eligible for the following grants:
- 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;
- Finally, properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.
Other Support Available
Bounce Back & Coronavirus Business Interruption Loans
Mortgage holidays are available for those whose ability to make payments has been affected by coronavirus. If have already taken a 3 month holiday, this can be extended by a further 3 months. If you you have not yet taken one, you are entitled to up to 6 months.