|In light of the increased restrictions the UK government is introducing additional economic and business support measures. Take a look at the BCC’s response to today’s statement from the Chancellor of the Exchequer Rishi Sunak MP.
The Coronavirus Job Retention Scheme (CJRS)
Earlier today, the Chancellor of the Exchequer Rishi Sunak MP announced a five-month extension of CJRS, also known as the furlough scheme. The CJRS will now run until the end of March 2021 with employees receiving 80% of their current salary for hours not worked.
Find more information on:
• the extension to the CJRS which ends on 31 March 2021;
• which employees you can put on furlough to use the CJRS;
• if you can claim for your employees’ wages using the CJRS;
• the steps you need to take before calculating your claim;
• how much you can claim; and
• claiming for wages through the scheme.
The Job Support Scheme will not be introduced until after Coronavirus Job Retention Scheme ends.
Self-Employment Income Support Scheme (SEISS) grant extension
The SEISS grant was extended from 1 November 2020. Today, the Chancellor announced that support for millions more workers through the Self-Employment Income Support Scheme (SEISS) will be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500. Find out if you are eligible and how much you can get.
Business premises forced to close in England due to local or national restrictions will be eligible for the business grants as outlined here. Business grant policy is fully devolved. Devolved Administrations will receive Barnett consequentials which they could use to establish similar schemes. As soon as we have information on how to apply for the business grants we let members know more.
Application deadlines have been extended to January 31 2021 for the following schemes:
• Coronavirus Bounce Back Loan;
• Coronavirus Business Interruption Loan;
• Coronavirus Large Business Interruption Loan Scheme; and
• Coronavirus Future Fund.