UPDATE: Furlough, Eat Out to Help Out and Loans

Following the recent announcements by the Chancellor setting out new measures as part of the Winter Economy Plan, there are a few updates around existing measures we thought it useful to cover:

Job Retention Scheme (Furlough)

From 1 October we enter the final month of the Job Retention Scheme in it’s current guise, which then ceases on 31 October (set to be replaced with the recently-announced Job Support Scheme -further details TBC).

For the period covering 1 October to 31 October the amount provided by the government falls to 60% - therefore the employer must contribute the 20% top-up (in addition to the employers’ NI and pension) to ensure furloughed employee receives 80% of their wages for the period they do not work.

Do also bear the Job Retention Bonus in mind, whereby one-off payments of £1,000 will be made for each furloughed employee that returns to work post-31 October 2020 and remains in continuous employment until at least 31 January 2021 (applicable to all employees whose wages exceed the Lower Earnings Limit of £520 per month – payments due to be made in February 2020).

Eat Out to Help Out

A quick reminder for those relevant that TODAY (30 September) is the deadline for claims under the Eat Out to Help Out scheme.

We’re sure that those to which this applies will now be aware of and used to the claim process, however details can be found here: https://www.gov.uk/guidance/claim-money-back-through-the-eat-out-to-help-out-scheme

Bounce Back Loans / CBILS / Future Fund

Initial indications by the Chancellor suggested the application process for these loans would remain open until the end of 2020, however this has now been confirmed as 30 November 2020.

A successor to the Bounce Back / CBILS schemes has also been hinted at, with further details to follow.

If you have any questions regarding this or anything else please get in touch, and for regular updates, announcements and news please check our website (www.dsaprospect.co.uk) and make sure you’re following our LinkedIn page: https://www.linkedin.com/company/dsa-prospect-ltd