Every Friday we'll update this page with a summary of the latest guidance we've issued throughout the week, giving you a snapshot overview of the key announcements and updates.

The following update was published at 5pm on Friday 5 June 2020.

Here are the key updates you need to know this week:

Coronavirus Job Retention Scheme (CJRS)

The Government has published detailed guidance on the upcoming changes to the Coronavirus Job Retention Scheme. There are some important changes coming into force over the next couple of months so, if you are an employer making use of this scheme, it’s important you understand the upcoming changes and your obligations. Please read our latest JRS update blog for an overview of the key changes and the steps you need to take.

Coronavirus Statutory Sick Pay Rebate Scheme

The Coronavirus Statutory Sick Pay Rebate Scheme is now live on GOV‌.UK.  Employers who meet the eligibility criteria can reclaim up to two weeks of Statutory Sick Pay (SSP) for employees who cannot work because of coronavirus-related sickness. The rate of SSP claimable is capped at the weekly statutory rates of £94.25 before 6 April 2020 and £95.85 from 6 April 2020. We’ve covered all you need to know in our Coronavirus Statutory Sick Pay Rebate blog.

Scottish Government Business Support Fund

The fund, which started with £100 million of grant support for individuals and companies affected by COVID-19 and has since been topped up to £185 million, is being expanded. Small B&Bs, who were ineligible for other support due to not having a business bank account, will be able to apply for a share of £3 million of funding which has been re-purposed from the Newly Self-Employed Hardship Fund. This funding for small B&Bs will be administered by local authorities and applications are expected to open on 15 June.

Self Employed Income Support Scheme (SEISS)

Last Friday the Chancellor announced an extension to the SEISS. There are now two grants that can be applied for by eligible individuals. The first grant award covers the period March, April and May and applications  must be made on or before 13 July. After this time the online portal will close. The second grant covers the period June, July and August with awards being made from August. Please note you cannot yet apply for the second grant.

Whilst the first grant covered 80% of average trading profits pro-rated for the three months, up to a maximum of £7,500, the second grant will be reduced to 70% of trading profits with grants being awarded up to a maximum  of £6,570. More guidance on the second phase of the scheme will be issued on 12 June.

Coronavirus Business Interruption Loan Scheme (CBILS)

As we work closely with our clients on their CBILS applications we’re learning more and more about the scheme and how lenders are operating. A number of lenders, we’re finding, are limiting CBILS loans to either:

  • A maximum of 25% of 2019 turnover, or
  • Twice the annual wage bill - whichever is greater

Support for the seafood sector

Inshore fishers who usually target shellfish will now be able to diversify into new markets and access fishing opportunities worth up to £2 million. The package aimed at helping the industry during the coronavirus (COVID-19), means that Scottish vessels will be able to access additional fish quotas around the North Sea and west coast of Scotland.