Coronavirus Job Retention Scheme Extended For New Lockdown
This is very good news for employees ...
POSTED BY ROGER EDDOWES ON 02/11/2020 @ 8:00AM
The Government's Coronavirus Job Retention Scheme (CJRS) has been extended to cover the November 2020 lockdown. Employees will continue to receive 80% of their current salary ...
The Government has extended the Coronavirus Job Retention Scheme through the new lockdown!
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Every business that has employees was expecting to move those on their payroll to the less generous Job Support Scheme as of the 1st November 2020. However, as a new lockdown has been imposed for November, the Government has extended CJRS for another month.
"This was announced by the Prime Minister's at the
Coronavirus briefing last Saturday!"
The Government has been very generous to businesses throughout the COVID-19 pandemic, and schemes like the Coronavirus Job Retention Scheme have protected employees throughout the summer with schemes like SEISS and Bounce Back Loans supporting the businesses.
So, now CJRS will remain open until December, with employees receiving 80% of their salary, up to a maximum of £2,500, for hours not worked. Businesses will only need to pay pension and National Insurance contributions.
Additionally, business forced to close their premises in England will receive a grant up to £3,000 each month thanks to the Local Restrictions Support Grant and £1.1billion is available via Local Authorities to more broadly support businesses in their areas directly.
Businesses required to close in England due to local or national restrictions will be eligible for the following:
For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks
For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks
For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks
We are facing a tough winter ahead, and it was mentioned by a Senior Cabinet Minister over the weekend that the lockdown could extend into December if the R rate doesn't come down sufficiently in November. This could mean that CJRS would be extended until the end of the year, maybe even beyond.
Any employees paid on or before the 30th October 2020 with their details submitted by RTI are eligible to be included on the extended Coronavirus Job Retention Scheme and I will blog about extended SEISS, VAT and Tax deferrals as and when this information is available.
Until next time ...
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about the extended Coronavirus Job Retention Scheme, call me on 01908 774320, leave a comment below or click here to ping over an email and let's see how I can help you.
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About Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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