Government Job And Loan Support Schemes Extended

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A number of government support schemes designed to support employers, employees and business owners through lockdown 2 have been extended. Here’s a roundup of the latest updates.

 

Coronavirus Job Retention Scheme

Also known as the ‘furlough’ scheme, the Coronavirus Job Retention Scheme (CJRS) is a temporary initiative that allows employers to access financial support to pay part of their employees’ wages. Today, the government announced an extension of the Coronavirus Job Retention Scheme until 31st March 2021.

Under the extended scheme, eligible employers will be able to claim 80% of an employee's normal wages for the hours that the employee does not work during November. Employees will be paid this amount, along with any optional top-up payment that the employer wishes to make. The government will review the scope of the scheme again in January 2021.

For more on the Coronavirus Job Retention Scheme - Click Here

 

 

Job Support Scheme

The Job Support Scheme will begin when the CJRS closes. The Job Retention Bonus, which had been designed to encourage employers to bring furloughed employees back to work, will not be paid in February 2021. The government has stated that it will 'redeploy a retention incentive at the appropriate time'.

For more on the Job Support Scheme - Click Here

 

 

Self-Employment Income Support Scheme

The government has also expanded the scope of the Self-Employment Income Support Scheme. Eligible self-employed business owners will now have the opportunity to receive a grant for up to 80% of their business's average trading profits for the months of November 2020, December 2020 and January 2021. This grant will be capped at a total of £7,500. Applications for the grtant open on December 14.

For more on the Self-Employment Income Support Scheme - Click Here

 

 

Bounce Back Loan Scheme

The Bounce Back Loan Scheme is an initiative introduced by the government to help small and medium-sized businesses affected by the coronavirus crisis to secure loans of up to £50,000. Earlier this week (ending 6 November), the deadline for applying for the scheme was extended from 30 November 2020 to 31 January 2021.

For more on the Bounce Back Loan Scheme - Click Here

 

 

Coronavirus Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme (CBILS) is designed to help UK businesses access bank loans, overdrafts, invoice finance and asset finance during the Covid-19 pandemic. The government has extended the deadline for applications to this scheme from 30 November 2020 to 31 January 2021.

For more on the Coronavirus Business Interruption Loan Scheme - Click Here

 

 

More info

This article has been written with the kind assistance of FreeAgent - a website with a range of paid for options to help small firms run their businesses - to find out more - Click Here

 

Picture: The Job Support Scheme and the Self-Employment Income Support Scheme have both been expanded.

Article written by Cathryn Ellis
05th November 2020

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