COVID update: furlough extends until March 2021 and self-employment boost

November 5th, 2020

Today [5th November 2020] saw the Chancellor announce that the re-introduced Coronavirus Job Retention Scheme (CJRS) would be extended until the end of March 2021, whilst also boosting the next three months of financial support for the self-employed.

In brief, the summary of the changes to the furlough scheme include:

SEISS

The Self-Employed Income Support Scheme (SEISS) will also increase to 80% of trading profits for November to January for all parts of the UK, to provide support equivalent to that under the CJRS.

The calculation is based on 80% of three months’ average trading profits, which will be paid in a single instalment and is capped at £7,500.

More information can be found via the following link and as always, you can contact your Champion adviser for more information.


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