There have been lots of questions surrounding this subject matter and we have posted earlier what is planned to become available for both Employed and Self employed people. The fact of the matter is that at the moment the government have not released any details of how to apply for these grants.
To date it stands that all employers will need to self fund any furloughed Staff at the 80% level until the government finds a way of sending the monies to businesses. They hope to do this as soon as possible but the enormity of the task we think will mean it will be at least a couple of weeks.
If you cannot afford to fund furloughed employees wages then the government are asking that in the first instance you apply for a coronavirus business interuption loan from your existing bankers to cover you for the short term cashflow issues until they can get the money to you. More details of the Coronavirus Business Interuption Loan Scheme can be found here. https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/
With regards to self employed people which includes sole company directors the news is exactly the same whilst they work out how they can get the monies to you. They are asking for you to self fund or to apply to your current bank for a Coronavirus Business Interruption Loan.
This is not an ideal scenario for many and as soon as more details are released we will inform you.
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 will be there for you.