| answer text |
<p>The Government has announced a package of support for individuals to deal with
lost income and the costs of absence due to COVID-19. For those within the off-payroll
working rules working in the public sector, the Government expects many public sector
organisations to continue to pay staff and not to furlough them.</p><p> </p><p>Owner-managers
paying themselves a salary through PAYE can benefit from the Coronavirus Job Retention
Scheme (CJRS). For companies with a sole director, directors can continue to undertake
their statutory duties while furloughed and still be eligible for the CJRS, as long
as they do not work beyond these duties. They can use the CJRS portal to claim for
80% of usual monthly wage costs up to £2,500 a month, plus the associated Employer
National Insurance contributions and minimum automatic enrolment employer pension
contributions for that wage.</p><p> </p><p>Individuals who are employed by a Personal
Service Company (PSC) are entitled to statutory sick pay (SSP) on the same terms as
any other employee. PSCs which are eligible and make payments under SSP as a result
of COVID-19 will be entitled to a rebate where they meet the criteria of that scheme.
Those not eligible for SSP (e.g. the self-employed and very low earners) will be able
to receive support through the benefits system.</p><p> </p><p>SMEs may also have access
to support through the temporary Coronavirus Business Interruption Loan Scheme (CBILS).
CBILS supports SMEs with loans, overdrafts, invoice finance and asset finance of up
to £5 million, for up to six years. In addition, the Government has created the Bounce-Back
Loans Scheme, which is designed to ensure that the smallest businesses can access
loans of up to £50,000 in a matter of just days. More information about the full range
of business support measures is available at <a href="http://www.businesssupport.gov.uk/coronavirus-business-support/"
target="_blank">www.businesssupport.gov.uk/coronavirus-business-support/</a>.</p><p>
</p><p>Individuals who have paid sufficient National Insurance Contributions, including
through multiple jobs, will be entitled to new style Employment and Support Allowance.
If they have not made sufficient contributions, they can apply for Universal Credit.
These individuals will benefit from the Budget announcements to remove the seven day
wait in new style Employment and Support Allowance and, if they are self-employed,
the Minimum Income Floor in Universal Credit.</p>
|
|
