Job Retention Scheme Update
The Coronavirus Job Retention Scheme is now open for applications, 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. All of the details can be found here: https://bit.ly/2zdheFn and you can retweet this tweet from HMRC.
A new tool has been launched to help businesses find coronavirus financial support. They may be eligible for loans, tax relief and cash grants; this support finder will help them to see what support is available for businesses: https://bit.ly/3cv0yHR
Please note the following key guidelines:
- To receive payment by 30 April businesses will need to complete an application by 22 April. This is because it will take six working days for the claim to be processed, issued and received.
- Businesses will need to decide whether they want to make their own claim or if they want their agent to act on their behalf – if they have an agent that has authorisation to act for them on PAYE matters, they can make a claim for CJRS on their behalf.
- Only call HMRC if you can’t find what you need on gov.uk. All applications will be processed online. After a claim has been submitted it will take six working days for it to be paid – please do not chase up payment during this time.
- Employees should speak to their employers with any questions, not HMRC. They won’t be able to answer queries from individual employees.
Finally, the Chancellor of the Exchequer has today announced a new billion pound support package for innovative firms hit by Coronavirus. The package includes a £500 million investment fund for high-growth companies impacted by the crisis, made up of funding from the government and the private sector. SMEs focusing on research and development will also benefit from £750 million of grants and loans.
More details can be found here: https://bit.ly/3cxPyJL