Welcome back to our weekly update. We hope you and your family are doing well. Read on for this week’s news.
Self Employed Income Support Scheme
The Self-Employed Income Support Scheme is now open for claims, with more than 110,000 people applying on the first day. For those who have checked their eligibility, you will have been notified when to apply.
The claim money should start to flow from 25 May.
Coronavirus Job Retention Scheme
Last week the Chancellor announced a 4-month extension to the existing Job Retention Scheme (sometimes called the furlough scheme). The scheme allows employees to stand down workers and then access a cash grant of up to 80% of their wages, with a cap of £2500 a month. The money is claimed by the company and then distributed to staff.
So what’s changing?
The scheme will be extended by 4 months, to the end of October 2020, with some changes. From 1 August, the scheme will offer more flexibility, allowing employees to return to work part-time.
The 80% pay level will remain, but companies will have to start contributing for staff that return part-time. There are more details to come, but it’s clear the goal here is to get people back to work, which is better for everyone.