Job Retention Scheme and Business Grants.
The Prime Minister announced on the 31st October 2020 that the government will be extending the Coronavirus Job Retention Scheme (CJRS) through to December 2020.
This will mean employees will be able to receive 80% of their current salary for the hours not worked, up to a maximum of £2500. Employers will only be asked to cover the cost of National Insurance and Employer pension contributions.
Employees can be furloughed on a full time or on a part time basis.
For Employers to be eligible they must have a UK Bank account and UK PAYE scheme neither the employer nor the employee needs to have been on the previous CJRS scheme.
For employees to be eligible they must have been on the payroll by the 30th October 2020 and a Real Time Submission (RTI) been submitted by this date.
The Government have also announced that a further Business Grant has been made available for businesses required to close in England due to local or national restrictions they 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.