The Government’s Coronavirus Job Retention Scheme went live today, with businesses able to claim up to £2,500 a month towards staff wages.
Employers can apply for direct cash grants through HMRC’s new online portal - with the money expected to land in their bank accounts within six working days. The scheme's portal has opened 10 days ahead of schedule and will be operated by 5,000 HMRC staff.
The scheme, announced by Chancellor Rishi Sunak as part of a package of support to protect jobs and businesses, allows employers to claim for a cash grant of up to 80% of a furloughed employees wages, capped at £2,500 a month and is expected to help thousands of firms across the UK.
Millions of people across the UK are expected to benefit from the scheme, with businesses including Pret a Manger, Brewdog and Timpsons using it to ensure staff keep their jobs and are paid whilst many high street businesses are closed.
HMRC’s easy to use portal has a step by step application process and up to 5,000 staff will be manning phone lines and webchat services to ensure any questions can be answered.
Chancellor of the Exchequer Rishi Sunak said: 'Our unprecedented job retention scheme will protect millions of jobs across the country and is now up and running. It’s vital that our economy gets up and running again as soon as it’s safe – and this scheme will allow that to happen.'
Last week the Chancellor announced the scheme will be extended for a further month until the end of June, to reflect continuing Covid-19 lockdown measures.
