Financial Support Increases Announced

The government have today announced some further adjustments to the new Job Support Scheme and also the business grants available, which we have detailed below:

Job Support Scheme

For businesses that are able to still trade but at a reduced capacity, the employees’ minimum working requirement to qualify for the scheme is now 20% rather than 33% of the employees’ usual working hours.

The employees will still continue to be paid for the hours they actually work + 67% of the remaining ‘unworked hours’ (subject to a maximum threshold of £1666.75).

The 67% unworked hours are made up of 62% from the government and the remaining 5% needs to be funded by the employer. The employer also has to cover any Employer’s NI and pension contributions.

For businesses forced to close in very-high risk areas, 67% of employees wages will continue to be funded by the government,

Self employed

The upcoming self-employed grants from have been increased from 20% to 40% of profits, meaning the maximum grant will increase from £1,875 to £3,750.

Cash grants

Cash grants of up to £2,100 per month primarily for businesses in the hospitality, accommodation and leisure sector who may be adversely impacted by the restrictions in high-alert level areas are also available. These grants will be available retrospectively to August 2020 for areas who have already been subject to restrictions. Details of the amounts of grants potentially available are detailed below and your local council should be contacted to claim:

For properties with a rateable value of £15,000 or under, grants of £934 per month.
For properties with a rateable value over £15,000 and below £51,000, grants of £1,400 per month.
For properties with a rateable value of exactly £51,000 and over, grants of £2,100 per month.

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