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Coronavirus Job Retention Scheme goes live
23rd April 2020
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 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.
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.
*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.