On the 24th of September, The Chancellor of the Exchequer, Rishi Sunak, announced additional government support for businesses and workers impacted by the Covid-19 pandemic. Delivering his speech to parliament, he announced that a new package will replace the Furlough Scheme on 1st of November in order to help tackle the spread of the virus over winter.
At SCS Financial Management, we want our customers to know that we are still open and operating to the appropriate government guidelines to ensure that our support is available during these trying times. If you need professional financial management, please get in touch by calling us on 01737 373707.
The Job Support Scheme
The Job Support Scheme begins on 1st of November. It will help firms that cannot take employees back full time. In order to be eligible, employees will have to work one-third of their normal hours, and for the hours not worked, the government and employer will each pay one-third of the remaining wages, meaning that the employee will get at least 77% of their pay.
Under Furlough, the government paid 80% of workers’ wages, but under the Job Support Scheme, it will pay 22%. The scheme will run for 6 months and finishes at the end of April 2021.
Who Is Eligible?
The scheme is available to ‘viable’ small and medium-sized businesses. However, if you are a large business that can prove your revenue has fallen due to the pandemic, you may also be eligible.
Employees must have been on an employer’s PAYE payroll on or before 23rd of September. As an employee, you can be moved on and off the scheme, or work different hours. But each working arrangement must cover a minimum period of seven days.
How We Can Help
The pandemic still continues to change our lives and many businesses are having to make some tough financial decisions quicker than usual. At SCS Financial Management, we are here to offer the appropriate guidance you may need during these unprecedented times. We are still offering a range of financial services, including:
- Cashflow Management
- Financial Analysis
- Budgeting & Forecasting
- Covid-19 Financial Support
Our professionals will also work closely with you to ensure you fully understand the latest business support in order to keep your business afloat.
Get In Touch
If you require further information about the latest business support from the government, contact SCS Financial Management. We can provide you with the appropriate guidance moving forward. Call us today on 01737 373707.
Alternatively, you can fill out our online contact form and we will respond promptly.