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Here is our breakdown of the latest support for you and your business during the second lockdown:

Coronavirus Job Retention Scheme – not over yet

Just as it was due to finish, it’s returned for at least one more month.

The Coronavirus Job Retention Scheme (CJRS) has been extended until 2nd December 2020 (Author note – it has since been extended to the end of March, but exact % support is not yet known after 2nd December) after it had been due to end on 31st October.

The Grant will ensure employees receive 80% of their current salary for hours not worked, up to a maximum of £2,500. These employees must have been on the payroll at 30th October and had a filing sent to HMRC, with their details on it, by 23:59 on 30th October 2020.

Businesses will have flexibility to bring furloughed employees back to work on a part time basis or furlough them full-time, employers will be asked to cover National Insurance and employer pension contributions.

As with the current CJRS, employers are still able to choose to top up employee wages above the scheme grant at their own expense if they wish.

The Government will confirm shortly when claims can first be made in respect of employee wage costs during November, but there will be no gap in eligibility for support between the previously announced end-date of CJRS and this extension.

The Job Support Scheme (JSS), which was scheduled to come in on Sunday 1st November, has been postponed indefinitely until after the furlough scheme ends.

Local Authority grants

Businesses required to close in England due to local or national restrictions will be eligible for the following:

  • For 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;
  • For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.

These will be accessible from your Local Authority so you will want to make yourself aware of their updates to find out when they become available. For example, you can sign up to the Wakefield Council newsletter at the bottom of this page and this is also a hub for all their support.

In addition, like last time, each Local Authority will also have a discretionary grant scheme, and they will set their own criteria but may include other businesses who either:

  • Are not rateable but will be impacted and also have some fixed property costs (eg some B&Bs, shared offices etc);
  • and possibly, are not ordered to close but are still heavily impacted eg wedding sector

It is unlikely to be available for those businesses who work from home.

Updates: self employed income support scheme, loans & mortgages

The planned next tranche of the Self Employed Income Support Scheme (SEISS) has now been increased from 40% to effectively 55% (using the same calculations as before, with 80% grant for November, and 40% December & January) , capped at £5,160 (author note – this has now been increased to 80% capped at £7,500) and will be available from the 30th November 2020.

The deadline for applications on CBILS and Bounce Back Loans has been extended to 31st January 2021, but as lenders become busier their turnaround times will inevitably increase. If you are considering applying please treat this as a matter of urgency and discuss it with us to see how we can assist. In addition, if you borrowed less than your entitlement (25% of turnover capped at £50k) then you are eligible to top this up now.

Mortgage payment holidays will no longer end 31 October. Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file. This will also apply to consumer credit products such as personal loans and car finance.

There’s still more, including potential grants for those in the hospitality sector and we’d encourage everyone to read the full financial support document published by the Government as soon as possible on this link:

Please keep an eye on our blog for further guidance on updated support measures introduced. We sincerely hope that some of you who were left out of the various support last time are now provided some support in the weeks ahead.