Latest Government Update

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Latest Government Update

Latest Changes: Government increases support for self-employed across the UK

The government is increasing its support to the self-employed over the coming months and ensuring people get paid faster than previously planned. To reflect the recent changes to the furlough scheme, the UK-wide Self-Employment Income Support Scheme (SEISS) will be made more generous – with self-employed individuals receiving 80% of their average trading profits for November. The changes will ensure that self-employed individuals who temporarily cannot carry out their business or have suffered reduced demand due to the outbreak are supported over winter. For further information please click here.

 

Latest Changes: Apply for the Coronavirus Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus The scheme is open until 31 January 2021. For further information please click here.

 

Latest Changes: Apply for the Coronavirus Large Business Interruption Loan Scheme

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to larger businesses affected by coronavirus. The scheme is open until 31 January 2021. For further information please click here.

 

Latest Changes: Apply for a coronavirus Bounce Back Loan

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme is open until 31 January 2021. For further information please click here.

 

Latest Changes: Apply for the coronavirus Future Fund

This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak. The scheme is open until 31 January 2021. For further information please click here.

Latest Changes: Furlough Scheme Extended and Further Economic Support announced

The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31‌ October, will now be extended, with the UK government paying 80% of wages for the hours furloughed employees do not work, up to a cap of £2,500 for periods from 1 November.

 

You will need to pay all employer National Insurance Contributions (NICs) and pension contributions. You can choose to top up your furloughed employees’ wages beyond the 80% paid by the UK government for hours not worked, but you are not required to do so.

 

The CJRS is being extended until December. The Job Support Scheme will be introduced following the end of the CJRS.

 

In addition, business premises forced to close in England are to receive grants worth up to £3,000 per month under the Local Restrictions Support Grant.

 

For further information please click here.

 

Latest Changes: Job Support Scheme

The Job Support Scheme, which was due to start on 1 November 2020, has been postponed as the Coronavirus Job Retention Scheme is being extended until December. For further information please click here.