As we are beginning to see more local restrictions across the country, businesses are once again starting to feel the impact. The UK Government recently introduced the three-tier alert levels. This means that many businesses, especially in the hospitality sector, have been affected. Chancellor Rishi Sunak also announced the expansion of the Furlough Job Support Scheme to protect companies and workers that have been forced to close due to local lockdowns.
SCS Financial Management is operating to Government guidelines to ensure we can offer our financial management support. For professional financial management services, call us on 01737 373707.
How Does The Scheme Work?
The Government has pledged to support eligible businesses by paying two-thirds of each employee’s salary up to a maximum of £2,100 a month. The scheme will begin on the 1st of November and will carry on for six months, with a review in January 2021. Businesses will still need to cover National Insurance and pension contributions.
Who Is Eligible?
Businesses that are eligible are those whose premises are legally required to shut for a period over winter as part of Government Coronavirus restrictions. They will be able to receive grants to pay the staff who can’t work, as well as businesses that have been forced to close their premises, but offer takeaway services, or food and drink outdoors.
You can only apply if you are subject to restrictions and your employees must be off work for a minimum of seven consecutive days.
Is It Exactly Like Furlough?
No. The furlough scheme is due to end on the 31st of October and it covered up to 80% of staff wages, up to £2,500 a month. This scheme starts in November and covers 67% of wages. This scheme will sit alongside the original Job Support Scheme that has been designed to support businesses facing low demand through the winter period.
Get In Touch
For more information about the latest business support from the Government, contact SCS Financial Management. A member of our team is always available to offer the advice you need. Call us today on 01737 373707. Alternatively, you can fill out our online contact form.
