Under the Coronavirus Job Retention Scheme, all UK employers can now access support to continue paying part of their employees’ salaries for those that would otherwise have been laid off during the coronavirus crisis.
To access the scheme, applicants must have designated affected employees as ‘furloughed workers’ and notified these employees of this change. They must also submit information to HMRC about the employees that have been furloughed and their earnings.
Employers will receive grants to cover most of the wages of their workforce who remain on payroll but are temporarily not working during the coronavirus outbreak. Salaries will be paid at 80% of their current level, up to a maximum of £2,500 per worker each month, and minimum automatic enrolment employer pension contributions on that subsidised wage.
The funding will be backdated to 1 March 2020, if applicable, and will be initially open for four months, to be extended if necessary.
All UK businesses and employers with a PAYE scheme that was created and started on or before 19 March 2020, small or large, will be eligible for the scheme. This includes employers across the private and public sector and charities and non-profit organisations.
Applications are now open.
Details of what applicants need to make a claim are available at https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme
Once a business has made a claim, it will obtain a claim reference number. HMRC will then check that the claim is correct and pay the claim amount by BACS transfer into the business bank account within six working days.
Content source: www.grantfinder.co.uk