Today, 5th November 2020, the Chancellor, Rishi Sunak, announced another extension to the furlough scheme. The Coronavirus Job Retention Scheme (CJRS), aka furlough, has now been extended to the end of March 2021.
This means that the Job Support Scheme that was announced on 24th September 2020 has been further postponed.
For the people in the UK who are self-employed, there’s also been a change to what they can claim. The Self-Employed Income Support Scheme will help those who have seen a reduced demand for their services or who cannot trade due to Coronavirus
The third self-employed grant, which covers November to January will be increased from 40% to 80% of trading profits. The government believes that this level of support is now equivalent to employees receiving furlough.
The deadline for applications for the bounce back loan has been extended to the end of January 2021, which means that the government have added a 2 month extension to the deadline.
Also, if you’ve already applied for this scheme but not borrowed the maximum amount, you can now top-up your load. This means that from next week you can increase the amount you’ve borrowed up to the maximum.
Please note that you can only do this once.
The government is due to publish full guidance on the chances next week, on 10th November 2020.
If you’d like to read what’s currently available, just follow this link
If you need specific help or have any queries, please don’t hesitate to contact us.