UPDATE: The government has now extended the furlough scheme until March 2021 meaning that the Job Support Scheme (JSS) outlined below has been postponed. We understand this will launch when the furlough scheme comes to an end next year.
The Chancellor Rishi Sunak yesterday announced some changes to the Job Support Scheme (JSS) for businesses that have been negatively impacted by Coronavirus. This is due to replace the current furlough scheme when it comes to an end on 31 October. Here are some key points from the announcement and two examples of how the JSS could work.
The announcement also included new business grants and an extension to the Self-Employment Income Support Scheme.
These are available for hospitality, leisure and accommodation businesses operating in tier two locations and therefore subject to stricter Covid-19 restrictions. Companies can apply for grants of up to £2,100 a month and they will be available retrospectively where higher-level restrictions have been in place for a while.
Self-Employment Income Support Scheme
The grants available in this scheme are being doubled from 20% to 40% meaning the maximum grant will increase from £1,875 to £3,750.
If you would like any further guidance or help working out how the Job Support Scheme could work for your business, please get in touch.
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The COVID-19 crisis is evolving and the Government's response and the details of support on offer are continuously changing. We'll be updating our posts regularly to ensure our analysis and advice remains as accurate and useful as possible. To receive the very latest information as we release it follow us on LinkedIn.The examples used are to illustrate specific points so haven't been through a full road test and don't substitute advice. Every business is different so please use them with caution and get in touch if you need any further guidance.