Covid update – Hello Furlough our old friend…

After spending the last weeks getting our head around the Job Support Scheme, boom, we are back to Furlough (or it’s official name The Coronavirus Job Retention Scheme).


As part of Boris Johnson’s address on Saturday he mentioned “furlough”, and new “guidance” on the extension was issued straight away.


However, that guidance is far from complete, and many questions need answering before we can advise with any level of certainty.


Here’s what we do know…


The Furlough Scheme has been extended for a month to 30 November. For an employee to be eligible, they need to have been on a payroll run before 23:59 on 30 October 2020. Employers will have to pay the pension and employers NI costs. It will work as the Furlough scheme did in August.


Mortgage holidays will not end as planned. For borrowers who have been impacted by Covid-19 and have not had a mortgage payment holiday you will be entitled to a 6 month holiday. Those that have already started a mortgage payment holiday will be able to boost this for a further six months without this being recorded on their credit file.  The FCA will announce further information shortly.


Businesses required to close in England due to local or national restrictions will be eligible for the following:


For the self-employed:

To be eligible for SEISS you must:


As always, we’ll aim to keep you posted as soon as new information becomes available.


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