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Further Job & Business Support key Announcement 2nd & 5th Nov 2020

Further Job & Business Support key Announcement 2nd & 5th Nov 2020

Key Announcements on 5th Nov, Chancellor Rishi Sunak

Chancellor extends the furlough scheme till March 2021

The Chancellor told the House of Commons that the Coronavirus Job Retention Scheme (CJRS) will now run until the end of March, with employees receiving 80% of their current salary for hours not worked.

Originally due to end on 31 October, the CJRS will now remain open until 31 March 2021. The scheme had already been extended to

December 2020 following the announcement of a new national lockdown for England, but Sunak today told MPs it is clear the economic effects of COVID-19 will be “much longer-lasting” for businesses than the duration of any current restrictions.

The CJRS extension will be reviewed in January to examine whether the economic circumstances are improving enough for employers to be asked to increase contributions. *Employers will be asked to continue to cover the costs of employer national insurance and pension contributions for hours not worked

Self Employed

The Self-Employment Income Support Scheme (SEISS) will also be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500.

Job Retention Bonus (On Hold)

The government will not pay the Job Retention Bonus in February but, according to an economic factsheet accompanying the latest announcements, will instead redeploy a retention incentive “at the right time”.

Job Support Scheme (On Hold)

The Job Support Scheme, originally due to replace the CJRS on 1 November but superseded by the furlough extension, was not mentioned in Sunak’s speech or the guidance, but could still be revived later.

Key Announcements on 2nd Nov, Prime Minister Boris Johnson

Coronavirus loan schemes and Future Fund extended to 31 January

The Coronavirus Business Interruption Loan Scheme (CBILS)

The Coronavirus Large Business Interruption Loan Scheme (CLBILS)

The Bounce Back Loan Scheme (BBLS)

Future Fund

*It was also announced that eligible businesses will be able to ‘top-up’ existing Bounce Back Loans should they need additional finance.

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