The Chancellor Rishi Sunak has today announced that the furlough scheme will once again be extended until the end of March 2021.
Like before, the scheme will pay 80% of a person’s wage up to £2,500 per month. The policy will be reviewed in January 2021, this initiative will provide some security to businesses through the Winter months.
As part of the extended furlough scheme, anyone who was made redundant after the 23rd September can be re-hired and put on furlough.
Billions of pounds of other support has also been committed to help the economy including further support for the self-employed.
Support through the Self-Employed Income Support Scheme will be increased with the third grant covering November to January calculated at 80% of average profits, up to a maximum of £7,500. Guaranteed funding was also increased to £16bn.
Sean Daniel, Managing Director Said “With over £50bn already spent on the furlough scheme since it began in March 2020, we hope this will go some way to helping businesses through this very tricky Winter period”.
If you need any support or help with navigating your business through this difficult time, please get in touch with the friendly Clear Vision Financial Management team, call us on 01794 330025 or email us.