From Linda Cooke, ISVA Office
We have received further advice from ISVA Accountants, Joshua Leigh & Co and hope that members will find it useful.
Please see below for updates on:
- Coronavirus Job Retention Scheme / Furloughing Employees
- Self-Employment Income Support Scheme
- Bounce-Back Loans
- Returning to the workplace
The Coronavirus Job Retention Scheme is changing:
From 1 July, employers can bring back to work employees that have previously been furloughed for any amount of time and any shift pattern, while still being able to claim CJRS grant for their normal hours not worked. When claiming the CJRS grant for furloughed hours employers will need to report and claim for a minimum period of a week.
The scheme will close to new entrants from 30 June. From this point onwards, employers will only be able to furlough employees that they have furloughed for a full 3 week period prior to 30 June.
This means that the final date by which an employer can furlough an employee for the first time will be 10 June, in order for the current 3 week furlough period to be completed by 30 June. Employers will have until 31 July to make any claims in respect of the period to 30 June.
Further guidance on flexible furloughing and how employers should calculate claims will be published on 12 June.
Find out more information on how the Coronavirus Job Retention Scheme is changing: https://www.gov.uk/government/news/chancellor-extends-self-employment-support-scheme-and-confirms-furlough-next-steps
Self-Employment Income Support Scheme will be extended – with those eligible able to claim a second and final grant capped at £6,570
The Bounce-Back loans are worth a look:
- The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
- The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
If you are planning for you/your employees to return to your workplace then please ensure this process is managed, and guidance has been followed. See links below for further info and guidance: