Job Retention Scheme
The Coronavirus Job Retention Scheme (known as furlough) has been extended.
The Government will pay 80% of the earnings for the hours that an employee is furloughed.
The employer pays the National Insurance and pension contributions on those earnings.
Employers can utilise full-time or part-time furlough.
To be eligible, the employee must have been on the payroll and reported to HMRC by close of play on Friday 30th October.
The scheme will close on 31 March 2021.
Mortgage Payment Holidays
Mortgage payment holidays are being extended. Borrowers who have been impacted by Coronavirus and have not yet had a mortgage holiday, will be entitled to a six-month holiday. And anyone that has already commenced a mortgage holiday will be able to top up to the full six-month period without this being recorded on their credit file.
Further grants are available for businesses forced to close due to the second lockdown.
If your business property’s rateable value is under £15,000 then the grant is available is £1334 for the month or £667 for two weeks.
If your rateable value is between £15,000 and £51,000 the grant is £2000 per month or £1000 per two weeks.
For rateable values above £51,000 the grant is £3000 per month or £1500 per two weeks.