As reported by Build UK, the Chancellor has announced further support for businesses and individuals due to coronavirus, including:
- The Coronavirus Job Retention Scheme has now been extended until 31 March 2021. Furloughed employees will receive 80% of their salary for hours not worked, up to a maximum of £2,500 per month,
with employers paying only National Insurance and pension contributions.
- The grant available under the Self‐Employment Income Support Scheme has been increased again to 80% of trading profits for the three‐month period covering 1 November to 31 January, capped at £7,500.
- The Job Retention Bonus will no longer be paid in February and a replacement will be provided at the appropriate time.
The application deadline for the three coronavirus loan schemes, Coronavirus Large Business Interruption Loan Scheme, Coronavirus Business Interruption Loan Scheme and Bounce Back Loan Scheme, has also been extended until 31 January 2021.
Source: Build UK/UK Government