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COVID-19: Chancellor announces increased support for businesses and employees

COVID-19: Chancellor announces increased support for businesses and employees

April Foster

The government have announced today some significant changes to provide additional financial support to businesses and employees affected by the coronavirus.
Job Support Scheme Open
This scheme is to protect jobs in businesses who can operate safely but are facing a lower demand due to COVID-19.  The key changes are: 
  • The employee must be working at least 20% of their usual hours; this was previously set at 33.33%.
  • The government will pay 61.67% of hours not worked up to a cap of £1,541.75; this was previously capped at £697.92.
  • The employer will contribute 5% of the non-worked hours up to a cap of £125 per month.
  • Employees will receive a minimum of 73% of this normal pay (subject to the cap of £3,125 salary per month).
  • Employers can top up the employee’s wages above their 5% contribution for non-worked hours; previously no topping up was allowed.
Online claims can be submitted from 8 December 2020, paid on a monthly basis.
Self-employment income support scheme
The government have increased the third phase grant payment to 40% from 20% with the maximum claim increasing to £3,750 from £1,875.  This third grant will cover the period 1 November 2020 to 31 January 2021.  A final fourth grant will cover 1 February to 30 April 2021.
Business grants 
Grants of up to £2,100 per month will be provided primarily to businesses in the hospitality, accommodation and leisure sector who may be adversely impacted by the restrictions in high-alert areas but are not legally closed.  The level of grant is based on the rateable value of the business property.
Full details of all schemes to be published shortly.

Find out more

For further advice about this or any of the support measures available for businesses affected by the coronavirus, please contact your local Moore office