Today, 10 days earlier than planned, HMRC have given access to business owners to begin claiming much needed cash grants for employees who have been placed on furlough leave.
Within the first 30 minutes HMRC received 67,000 furlough claims! The news is welcomed by many businesses, who can now go online to claim up to 80% of wages, which is capped at £2,500 per furloughed employee. It’s estimated that funds will be received within 6 working days from the application being accepted directly into your business bank account.
With some of the biggest paydays of the month coming up, there’s enough time to apply and receive the funds before payroll, which will greatly ease business cashflow concerns.
To ensure the smooth running of applications being processed, 5,000 HMRC staff will be working to operate the scheme.
HMRC’s portal has a step by step application process to make it as simple as possible to place your claim. If you get stuck, don’t worry, HMRC will have support on hand via web chat and phone to help answer any questions that you may have.
Thousands of businesses across the UK are expected to apply, with millions of people benefiting from the support provided, whilst protecting their jobs during these unprecedented times.
Last week the Chancellor of the Exchequer Rishi Sunak extended the Coronavirus Job Retention Scheme for a further month, until the end of June 2020. This extension reflects heavily on the continuation of the COVID-19 lockdown measures that have been put in place.
The Coronavirus Job Retention Scheme is part of a £330bn package to help support business owners through this critical time.