20.04.2020

Covid-19 Job Retention scheme goes live

The Government’s Coronavirus Job Retention Scheme, announced by Chancellor Rishi Sunak as part of a package to help protect jobs and businesses is now open for applications.

Employers can apply for direct cash grants worth up to 80 per cent of wages, capped at £2,500 a month per worker, through HMRC’s new online portal, with the money expected to be in their bank accounts within six working days.

Employers can furlough anyone they employ, provided that on or before 19 March they were on PAYE payroll and HMRC has been notified of payment via the RTI system.

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.”

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.”

To reflect the continuing lockdown measures the scheme has been extended until the end of June.

To access the online portal click here.

Image CC credit: Howard Lake - flickr

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