Job Support Scheme

Job Support Scheme

From September 24, 2020

A new Jobs Support Scheme will be launched for employees working at least a third of their normal hours, who are being paid for that as normal. The government and employers will jointly increase their wages to cover two-thirds of their lost pay and the employee will keep their job
All small and medium-sized businesses are eligible, but larger businesses must show their turnover has fallen during the crisis. Employers can use it even if they have not previous used the furlough scheme it replaces
It will run for six months from November
The existing grant for self-employed people is being extended on similar terms to the Jobs Support Scheme
A “pay as you grow” scheme was announced for businesses, allowing them to extend their bounce back loans from six to 10 years, reducing their payments
Businesses can also move to interest-only payments or suspend repayments for six months if they are “in real trouble”. Credit ratings will be unaffected
The government guarantee on Coronavirus Business Interruption Loans will be extended to 10 years and a new successor loan guarantee programme will be announced in January
The temporary reduction of VAT from 20% to 5% for some sectors will remain in place until 31 March 2021

Check if you’re eligible for the coronavirus Local Restrictions Support Grant

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