Yesterday the Chancellor announced further changes to the financial support previously announced.  

We will summarise the changes here:

CORONAVIRUS JOB RETENTION SCHEME (CJRS)

• The CJRS is being extended until the end of March (previously December).
• If employees were made redundant after 23rd September 2020, and were on the payroll on or before 30th October 2020, they could be eligible to be rehired and furloughed by their employers, however this is up to the employer.

CORONAVIRUS JOB RETENTION BONUS (JRB)

• The JRB will now not be paid in February.
• A retention incentive will be redeployed at a later appropriate time. 

SELF EMPLOYED INCOME SUPPORT SCHEME (SEISS)

• The SEISS grant has been increased to 80% of trading profits covering November to January for all parts of the UK.   This was previously 55% (this was based on 80% for November and 40% for December and January).
• HMRC will now pay the grant sooner than previously announced.  The grant applications open on 30 November, two weeks earlier than previously announced. 

LOCAL BUSINESS GRANTS FOR BUSINESSES IN TIER 2/3 IN ENGLAND

• There will now be backdated cash grants for businesses in Tier 2/3 areas in England. 
• Businesses in the hospitality, leisure and accommodation sectors that suffered from reduced demand due to local restrictions introduced between 1 August and 5 November will receive backdated grants at 70% of the value of closed grants up to a maximum of £2,100 per month for this period. 

GUARANTEE LOAN SCHEMES

• The deadline for applications to the loan schemes has now been extended from 30 November to 31 January 2021.
• Bounce back loan scheme rules have been adjusted to allow those businesses who have borrowed less than their maximum amount (i.e. the lower of £50,000 or less than 25% of their turnover) to top-up their existing loan. 

SUPPORT IN SCOTLAND, WALES AND NORTHERN IRELAND 

• Extension of CJRS, SEISS grants and loans are all UK-wide.