CJRS furlough scheme extended to the end of March

Chancellor Rishi Sunak yesterday confirmed that the Coronavirus Job Retention Scheme (CJRS) will be extended until the end of March 2021.

The scheme, which was due to end on 31 December, will pay up to 80% of an employee’s wages up to £2,500 a month. Sunak advised that the policy will be reviewed in January.

Additional support

The announcement also included news of other support for those affected by coronavirus:

• The Self-Employment Income Support Scheme (SEISS) level will be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500
• Funding for the UK's devolved administrations will increase by £2bn to £16bn

For further information about the CJRS and SEISS, please see the GOV.uk website.

About the Author

Paul Newbold

Partner

After qualifying with KPMG where he gained significant audit experience, Paul joined Torgersens in 1991 and became the firm’s audit partner in 2000. Paul employs his broad range of financial skills to provide commercial and accounting advice to a range of owner-managed businesses in the independent retail, education and professional services sectors. He also has extensive experience dealing with charities, Registered Social Landlords and not-for-profit organisations and co-operatives.   Outside of work, Paul likes to visit Eastern France and South-West German and read novels by David Morrell, Michael Blake and Harper Lee. He also likes watching films, his favourite is The Shawshank Redemption.

To get in touch please e-mail paul.newbold@torgersens.com.