Furlough and grant schemes extended through second lockdown
The Government has tonight (Saturday, October 31) announced it will extend its furlough and grant schemes through the second national lockdown.
The Prime Minister said the Government’s Coronavirus Job Retention Scheme (CJRS) – also known as the furlough scheme – will remain open until December, with employees receiving 80% of their current salary for hours not worked, up to a maximum of £2,500. Under the extended scheme, the cost for employers of retaining workers will be reduced compared to the current scheme, which ended on October 31.
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. Also, £1.1bn is being given to Local Authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly.
The grants will be set out depending on the rateable value and are as follows:
- Less than £15K -£1,334 per month
- £51k -£51K – £2,000 per month
- More than £51K – £3,000 per month
Government backed loans can be applied for up to January 31, 2020,
The announcement was made following the decision England would go into a month-long lockdown from 00.01 on Thursday, November 5, including the closure of all non-essential retail.
Bira will provide more details of these schemes once they are available.
Read the Government’s full statement on financial support here
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