The Chancellor has announced further financial measures to help support lives and livelihoods throughout the second lockdown:
→ Extend the Coronavirus Job Retention Scheme until the end of March 2020 - eligible employees will receive 80% of their usual salary for hours not worked, up to a maximum of £2,500 per month. The extended CJRS will operate as the previous Scheme did, with businesses being able to claim either shortly before, during or after running payroll.
Claims can be made from 8am Wednesday 11 November. Claims made for November must be submitted to HMRC by no-later than 14 December 2020. Claims relating to each subsequent month should be submitted by day 14 of the following month, to ensure prompt claims following the end of the month which is the subject of the claim. Further information is available on the Gov.uk website.
→ Increase the third self-employed grant, covering November to January, from 55% to 80% of trading profits - it is calculated based on 80% of 3 months’ average trading profits, paid out in a single instalment and capped at £7,500. HMRC will pay this more generous grant sooner than planned and in good time for Christmas – the window for claiming a grant will open on 30 November, two weeks earlier than previously announced.
The Government plans to extend the application deadline for loan schemes – that is, the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, Future Fund, and Coronavirus Large Business Interruption Loan Scheme – to the end of January 2021. This will give businesses two extra months to make loan applications (relative to the current deadline of 30 November).
As ever, if you have a specific question, query or concern please email me on [email protected]
