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Extension to the furlough scheme.

Workers across the United Kingdom will benefit from increased support with a five-month extension of the furlough scheme into Spring 2021.

The furlough scheme will now be extended until the end of March with employees receiving 80% of their current salary for hours not worked.

Employers of any size are eligible for the furlough scheme. This includes businesses and charities.

To be eligible the employer must have a PAYE payroll scheme and have a UK bank account. For an employee to be eligible under the further furlough extension (from November to December) a Real Time Information (RTI) submission to HMRC for them must have been made before midnight on 30 October 2020. Neither the employer nor the employee needs to have used the furlough scheme previously.

The Government has also announced the following.

The next self employed income support grant will also increase from 55% to 80% of average profits – up to £7500.

Cash grants of up to £3,000 per month for businesses which are closed.

An extension to the mortgage payment holiday for homeowners.

£1.1 billion is being given to Local Authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly.

Plans to extend existing government-backed loan schemes and the Future Fund to the end of January, and an ability to top-up Bounce Back Loans

Contact CWR on 01524 67371 if you require any information on the new up to date support being offered.