Chancellor announces further business financial support
Chancellor Rishi Sunak has announced substantial additions to the Winter Support package, with increased support to businesses through the forthcoming Job Support and Self-employed Schemes.
The Job Support Scheme (JSS)
When originally announced, the JSS – which will come into effect on 1 November – required employees to work at least 33% of their normal hours and employers to pay a third of wages for hours not worked. Yesterday’s announcement reduces the minimum hours requirements to 20%, so those working only one day a week will become eligible. It also reduces the employer contribution for unworked hours to just 5%.
Note: separately from the JSS, employers are still eligible to claim a £1,000 Job Retention Bonus for all previously furloughed employees who are still employed at the end of January 2021.
Self-employed grant (SEISS)
SEISS will also be amended so that the amount of profits covered by the two forthcoming self-employed grants will rise from 20 to 40 per cent (e.g. the maximum grant will increase from £1,875 to £3,750).