HM Treasury confirmed today that the Coronavirus Job Retention Scheme is now up and running with businesses able to claim up to £2,500 a month towards staff wages.
Childcare provisions are able to furlough their staff and claim back 80% of their wages up to £2,500 per month
- Government’s furlough scheme opens for applications today – 10 days ahead of schedule
- employers can now go online to claim cash grants worth up to 80% of wages, capped at £2,500 a month per worker
- 5000 HMRC staff will operate the scheme – which is expected to help thousands of firms across the UK
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 land in their bank accounts 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 including Pret a Manger, Brewdog and Timpsons using it to ensure staff keep their jobs and are paid whilst many high street businesses are closed.
HMRC’s easy to use portal has a step by step application process and up to 5,000 staff will be manning phone lines and webchat services to ensure any questions can be answered.
Chancellor of the Exchequer Rishi Sunak said:
- Our unprecedented job retention scheme will protect millions of jobs across the country and is now up and running.
- It’s vital that our economy gets up and running again as soon as it’s safe – and this scheme will allow that to happen.
Last week the Chancellor announced the scheme will be extended for a further month until the end of June, to reflect continuing Covid-19 lockdown measures.
Commenting on news that applications are now open for the government’s Coronavirus Job Retention Scheme, Adam Marshall, BCC Director General, said:
- The opening of the Job Retention scheme is an important milestone for businesses, who can now begin to access the cash they need to pay their staff and protect livelihoods.
- The government deserves credit for the speed, scale and flexibility of its response to the challenges facing our business communities. The focus should now be on delivering this support to firms on the ground.
- Our research indicates that two-thirds of firms have furloughed some portion of their workforce. With April’s payday approaching, it is essential that the application process is smooth and that payments are made as soon as possible. Any delay would exacerbate the cash crisis many companies are facing and could threaten jobs and businesses.
You can read the full press release / news story from the link below: