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september, 2020

28sep9:30 am10:30 amFurlough Scheme and Job Support Update

Event Details

The UK Chancellor Rishi Sunak has just announced the next series of measures to protect businesses and jobs over the next 6 months.

We are running a webinar on Monday morning at 9:30am to bring you more detail and to answer your questions on the announced measures, including:

Key points:

  • Furlough Scheme will end as planned at the end of October
  • New “Jobs Support Scheme” where Govt will support wages of people in work who have reduced hours
  • employee must work and be paid for at least 1/3 of normal hours
  • Govt and employer will cover 2/3 of pay
  • All SMEs are eligible but only larger businesses when turnover has fallen during the crisis
  • Can still use the scheme if didn’t use Job Retention Scheme
  • Starts November and will run for 6 months
  • Can still claim Jobs Retention £1k bonus which is due to be paid in February for employees who were furloughed and are still on the payroll and earned average £520 per week Nov-Jan)
  • Self Employed scheme to continue on similar terms to Jobs Support Scheme for 6 months


In financial measures, he announced:

  • Bounceback Loans- “pay as you grow” meaning loans can be extended from 6 to up to 10 years, and interest only payments possible including six month no payment extensions (no impact on credit rating)
  • CIBILs- Govt guarantee to be extended up to 10 years
  • Deadline for all loans schemes to be extended to end of year
  • More to come on loan schemes
  • Deferred VAT bill can be spread over 11 payments
  • Lower VAT rate for hospitality etc to be extended to 31st March 2021

As always there is much to understand and further details will follow, which we will study and bring to you on Monday.


(Monday) 9:30 am - 10:30 am




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