The Government’s Coronavirus Job Retention Scheme went live today, with businesses able to claim up to £2,500 a month towards staff wages. Employers can apply for direct cash grants through HMRC’s new online portal with the money expected to be paid within six working days.
The job retention scheme, announced by Chancellor Rishi Sunak as part of a package of support to protect jobs and businesses, allows employers to claim for a cash grant of up to 80% of a furloughed employees wages, capped at £2,500 a month.
Millions of people across the UK are expected to benefit from the scheme, with businesses using it to ensure staff keep their jobs and are paid whilst many high street businesses are closed. HMRC has set up an easy to use portal and up to 5,000 staff will be manning phone lines and webchat services to ensure any questions can be answered.
Ian Levy: “This unprecedented job retention scheme will protect thousands of jobs across Blyth Valley and millions across the country. It will mitigate against the economic impacts of the coronavirus crisis and allow the economy to get up and running again quickly as soon as it is safe.”
Last week the Chancellor announced the scheme will be extended for a further month until the end of June, to reflect the continuing Covid-19 lockdown measures. Employers can furlough anyone they employ, provided that on or before March 19 they were on PAYE payroll and HMRC has been notified of payment via the RTI system.
Further information is available at –
www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme
