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Updates to recent schemes.

By October 26, 2020 News

Further Updates to the New Job Support Scheme and Job Support Expansion Scheme

Last week we outlined details of the latest ‘Job Support’ schemes which are available to employers from 1st November 2020 in an attempt to help protect jobs during the ongoing coronavirus pandemic.

The Chancellor has since announced further changes to the financial support which will be offered by these schemes, and they are now referred to as follows:-

  • Job Support Scheme Open (‘JSS Open’)for businesses that are still open and continuing to trade, but facing a decrease in demand; and
  • Job Support Scheme Closed (‘JSS Closed’) for businesses that are legally required to close, or restrict business activities carried out on their premises, as a direct result of coronavirus restrictions set by one or more of the four UK governments.

The main changes announced on 22nd October 2020 were in relation to the ‘JSS Open’ scheme, which is for open businesses experiencing considerable difficulties due to coronavirus.  Under this scheme these businesses will now be given extra help to keep employees on, as the government significantly increases their contribution to the wage costs and reduces the business’ contributions to 5%.

Further guidance is expected to be available at the end of this month, but a summary of the various updates announced on 22nd October 2020 in relation to both schemes at present can be found here.

Further Updates to the SEISS Grant Extension

Last week we published details of further grants available under this scheme to self-employed individuals who are:-

  1. currently actively trading but suffering reduced demand due to coronavirus; or
  2. were previously trading but are temporarily unable to do so due to coronavirus restrictions imposed by one of the four UK governments.

The Chancellor has since announced that the first grant which will cover the period from 1st November 2020 until 31st January 2021 will now be doubled to 40% of average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £3,750 in total.

Further details of the updates announced on 22nd October 2020 in relation to this scheme at present can be found here.

For any further  information or assistance please contact us at info@exchangeaccountants.com

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Exchange Accountants.