On Friday the Government announced the first details of their ‘coronavirus job retention scheme’; a scheme designed to help employers pay workers’ wages if the company is unable to do so.
UK Chancellor Rishi Sunak has said grants will cover 80% of workers’ salaries, up to a maximum of £2,500 per month, where the employer is no longer in a position to pay. The idea is that this will encourage businesses to retain staff in ‘furlough’ instead of laying them off and will be facilitated by HM Revenue and Customs (HMRC). The scheme is open to businesses of all size and type; including charities and not for profit.
Businesses who have already been affected by Covid-19 will be able to apply for the grant backdated to 1st March 2020. The Chancellor has stated the scheme will be open for an initial period of 3 months, but longer if they need to.
With the more stringent social distancing measures announced over the last few days and businesses closing their doors for an unknown period of time, many will be meeting this morning to plan their way ahead. If you need any further guidance please contact Andrew Macmillan or complete a contact form for him to call you back.Back to News