The Coronavirus Job Retention Scheme (CJRS) – also known as the Furlough Scheme, has been extended for 5 months until the end of March 2021, with employees receiving 80% of their current salary for any hours not worked, the Chancellor announced today.
Similarly, the support for millions more workers through the Self-Employment Income Support Scheme (SEISS) will also be increased.
The SEISS grant extension provides critical support to the self-employed in the form of 2 further grants, available for two 3 month periods, Nov 2020 to Jan 2021 and Feb 2021 to April 2021.
The grant extension will last for a period of 6 months, from Nov 2020 to April 2021. Grants will be paid in 2 lump sum instalments each covering a 3 month period.
The third support grant will cover a 3 month period from the 1st Nov 2020 until 31st Jan 2021.
The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total.
This is an increase from previously announced amount of 55%.
On top of this, the Government has announced:
- Plans to extend existing government-backed loan schemes and Future Fund to the end of Jan 2021 and an ability to top-up Bounce Back Loans.
- Extension to the mortgage payment holiday.
- The NI Executive have been given an additional £400m to cope with the COVID-19 pandemic.
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