Government Financial Support Changes

The Chancellor today announced further changes to the Winter support measures as follows:

• The Coronavirus Job Retention Scheme has been further extended to 31 March 2021. The Government will pay 80% of employee wages up to a cap of £2,500 per month for the hours not worked. A review of the level of the Government contribution will be undertaken in January.  Anyone made redundant after 23 September 2020 can now be rehired and placed back on furlough.

 

• The third Self-Employed Income Support Scheme grant has been further increased. The grant covering November, December and January was originally set to pay 40% of historic profits. This was increased last week to 55% and has today been increased to 80% up to a cap of £7,500.

 

• The Job Retention Bonus Scheme which would have seen employers receive £1,000 for every job retained until 31 January 2021 has now fallen away following the extension of the Coronavirus Job Retention Scheme. A replacement scheme will be considered by the Government at the appropriate time.

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