Coronavirus Financial Assistance – 22.10.20

Alan DrummondManaging Director, Douglas Home and Co

Update 22.10.20

The Chancellor of the Exchequer had announced a change to the Job Support Scheme, Self-Employed Grants and Business Grants today. Please find the updated information below.

Job Support Scheme (JSS)

The Job Support Scheme is available for both Scottish and English businesses.

Following today’s announcement, the government will now provide up to 61.67% of wages for hours not worked, up to £1541.75 per month. The employer contribution to those unworked hours has also been reduced to just 5%, and the employee minimum hours requirements is now 20%, so those working just one day a week will be eligible.

Employers will continue to receive the £1,000 Job Retention Bonus.

Self-employed Grant 

The Self-Employed Grant is available in both Scotland and England.

Today’s announcement increases the amount of profits covered by the two forthcoming self-employed grants from 20 per cent to 40 per cent, meaning the maximum grant will increase from £1,875 to £3,750.

Business Grants

We believe that the additional business grants are only available in England, however we shall update you as further information is released.

The Chancellor has also 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.

These grants will be available retrospectively for areas who have already been subject to restrictions, and come on top of higher levels of additional business support for Local Authorities moving into Tier 3 which, if scaled up across the country, would be worth more than £1 billion.

For further in-depth information about any of the above points, please click here.

As always, please do not hesitate to get in touch by emailing mail@dhco.co.uk if you need any assistance.