The Job Retention Scheme is now open for applications, as part of the government financial measures announced to support businesses during the coronavirus pandemic.
The scheme will cover 80% of workers wages, up to £2,500 per employee, if they are put on furloughed leave. On Friday the Chancellor announced that the scheme would be extended by a further month, until the end of June.
The Treasury says that their system can process up to 450,000 applications per hour and employers should receive the money within six working days of their application.
It’s important to note that to receive payment by 30 April you will need to complete an application by 22 April. This is because it will take six working days for the claim to be processed, issued and received, so there’s no time to wait.
Sharon Smith, Chief Executive of the Herefordshire & Worcestershire Chamber of Commerce, said: “I would urge all businesses to apply for the government scheme as soon as possible, this will now allow businesses to access the cash needed to pay their staff and protect their livelihoods.”
“It is vital that businesses retain their staff for when the country is opened back up there are no delays to the recovery operations.”
“The speed and scale of the government’s response to the challenges facing businesses is commendable however the focus should now be on ensuring the support is delivered to businesses with April payday fast approaching.”
Any delay in getting the cash to businesses would risk further pressure on businesses cash reserves and threaten job losses. 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.”
The Job Retention Scheme is now live and open for applications, businesses can apply using the link here www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme.
For any further information on the support and guidance available to your business, please contact the Herefordshire & Worcestershire Chamber of Commerce by calling 01905 673 600 or visiting their online Coronavirus Information Hub which contains a detailed insight on the support available to support business at this time.