The Chancellor Rishi Sunak has announced in the House of Commons that there will be an extension of the Coronavirus Job Retention Scheme (Furlough) to March and Self Employment Income Support will be increased.
- The Coronavirus Job Retention Scheme (CJRS/furlough) will now run until the end of March with employees receiving 80% of their current salary for hours not worked during this period.
- Support through the Self-Employment Income Support Scheme (SEISS) will be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500 (it had previously been announced it would be increased to 55% – 80% for November and 40% for December and January).
The full statement can be found here: https://www.gov.uk/government/news/government-extends-furlough-to-march-and-increases-self-employed-support
A ‘factsheet’ confirming the financial support for the New National Restrictions has been published here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/932968/ECONOMIC_SUPPORT_FACTSHEET_5_November.pdf
We will post more information as and when we have it.