Unfortunately to date a lot has been promised however nothing has been delivered. The government expect online funding applications to be available by the end of April 2020.
As previously posted the Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19).
Employers can use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. Employers can use this scheme anytime during this period.
The scheme is open to all UK employers that had created and started a PAYE payroll scheme on 28 February 2020.
Employers can only submit one claim at least every 3 weeks, which is the minimum length an employee can be furloughed for. Claims can be backdated until the 1 March if applicable.
The online service to use to claim is not available yet.
In the meantime employers are expected to either self fund these payments or to apply for the Corona Virus Business Interruption Loan scheme by in the first instance contacting their own bank.
In reality we are finding many employers cannot afford to self fund, the bank loan applications are onerous, the banks are often requiring security which many employers do not have. This means that many employees will not be receiving any money until we suggest June which for many employees is too late. As an employer in this situation you can suggest that your employees make an application for Universal credit as soon as possible.
As always Inntouch Customers old, new or those wishing to join Inntouch can be assured that whatever is needed from us to help you with your applications when the time comes we are there for you.