CJRS extended further into March 2021 and SEISS increased
The Chancellor, Rishi Sunak, has just announced in Parliament that the Coronavirus Job Retention Scheme (or “furlough scheme”) will be extended further, into March 2021.
The level of support will remain at the level currently offered (the employee will receive 80% of their salary for hours not worked, and the employer will pay for worked hours, employer NIC and auto-enrolment pension contributions). This will be reviewed in January and the Government contribution may be reduced if the economy is more stable at that time.
The Job Retention Bonus payment for employers keeping employees in work until 31 January 2021 will be withdrawn, and it is anticipated this incentive will be re-introduced at a later date.
The next self-employed income support grant will also increase from 55% to 80% of average profits – up to £7,500.Talk to Barnes Roffe today