Good news for small businesses as the Chancellor has announced an extension to the Job Retention Scheme to the end of October and the first applications for the Self Employed Income Support Scheme goes live.
The Job Retention Scheme has been paying employers up to 80% for furloughed employees since it was announced in March. This has now been extended in its current form until the end of July. This means businesses can continue to keep its staff furloughed, and claim 80% of their staff costs (up to £2,500), until the end of July.
From August to the end of October it will then remain in place in a reduced capacity, with the option that employees can return to work on a part time basis (something that is not currently possible under the furlough scheme).
We’re expecting more specific details on this soon, and we’ll update you once we know.
For previous government grants and scheme’s available, please check our previous blog posts here.
The SEISS goes live from tomorrow, 13th May, with staged dates for the scheme open for applications for individuals (based at random) between tomorrow and 18th May. If you’re self employed, you should have by now, received a letter from HMRC giving you a date that the application is open to you.
Once that date arrives, you’ll be required to log in to your HMRC Online Services account, and complete the application. The amount of the grant you can expect to receive will have been calculated by HMRC for you.
If you do not yet have a HMRC Online Services account, set one up now on the HMRC website.
For more information on the SEISS, take a look at our previous post here