FURLOUGH SCHEME EXTENDED AND FURTHER ECONOMIC SUPPORT ANNOUNCED

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FURLOUGH SCHEME EXTENDED AND FURTHER ECONOMIC SUPPORT ANNOUNCED

FURLOUGH SCHEME EXTENDED AND FURTHER ECONOMIC SUPPORT ANNOUNCED

At the time of posting this update the Government have not yet published their guidance notes, below is a brief summary of the main points of the announcement made on 31st October 2020.

  • Job Retention Scheme
    • The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked.
    • 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.
  • Mortgage Holidays
    • Mortgage payment holidays will no longer end on 31st 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.
  • Business 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.

More detailed information is available at the following webpage: https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced

By | 2020-11-10T10:50:39+00:00 November 2nd, 2020|Covid-19, News Update|0 Comments