Covid update - Extended Furlough and SEISS

 

Following on from the announcements earlier in the week, The Chancellor has announced the extension of furlough (The Coronavirus Job Retention Scheme) until the end of March’ across the UK, although it is due for a review in January 2021.

 

Whilst there are still plenty of details to follow next week, here’s what we know so far…

 

  • Eligible employees will receive 80% of their usual salary, up to a maximum of £2,500 per month.
  • The scheme will include Flexible Furlough
  • Employees that were employed and on the payroll on 23 September 2020 (the day before the Job Support Scheme announcement) who were made redundant or stopped working afterwards can be re-employed and claimed for.
  • The support for the self-employed has also been updated, with the third SEISS covering 80% of the average income between November to January.

 

Something worth noting is that the details of all employers making claims under the scheme will be published by the HMRC AND the £1000 Job Retention Bonus has been scrapped.