With the ending on the Coronavirus Job Retention Scheme (CJRS) making way for the Job Support Scheme (JSS), it is worth understanding how this may affect your business in this new economy.
The JSS aims help those in ‘viable jobs’ where employees work at least a third of their contracted hours. Employers are expected to pay employees for these hours worked, and then the Government and employers will pay the rest of the two thirds, each paying a third each. This is aimed at small and medium businesses, however larger businesses will be eligible if their turnover has fallen by a third.
The Government has also confirmed that they will continue to help those who are self employed by extending the Self Employment Income Support Scheme (SEISS). A grant of 20% of average monthly profits (up to a maximum of £1,875) will be given to those who are continuing to work but are seeing a fall in demand due to the virus.