Latest Coronavirus Announcements
Chancellor Rishi Sunak made further announcements yesterday, aimed at increasing financial support for businesses and workers. We've put together a summary below:
Job Support Scheme (JSS)
There are two variations to JSS – JSS Open and JSS Closed.
We will send further information on the Job Support Scheme in due course.
- JSS Open will provide support to businesses that are open where employees are working shorter hours due to reduced demand.
- When originally announced, the JSS involved employers paying a third of their employees’ wages for hours not worked, and required employees to be working 33% of their normal hours.
- The new announcement for JJS Open now reduces the employer contribution to those unworked hours to just 5%, and reduces the minimum hours requirements to 20%, so those working just one day a week will be eligible.
- JSS Closed will provide support to businesses whose premises are legally required to close as a direct result of coronavirus restrictions set by one of the four governments of the UK.
- For JSS Closed, the UK government will fund two thirds of employees’ usual wages for time not worked, up to a maximum of £2,083.33 per month.
- Employers will not be required to contribute, but they can top up the government’s contribution if they choose to.
- Employers will still need to cover all employer National Insurance and pension contributions.
Self Employed Grants
- The amount of profits covered by the two forthcoming self-employed grants has been increased from 20 per cent to 40 per cent, meaning the maximum grant will increase from £1,875 to £3,750.
- This support to the self-employed is in the form of two grants, each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.
- The Chancellor announced approved additional funding to support cash grants of up to £2,100 per month primarily for businesses in the hospitality, accommodation and leisure sector who may be adversely impacted by the restrictions in high-alert level areas.