The Job Retention Scheme announced by the Government last month has gone live today (Monday), marking an incredibly important day for employers who have furloughed their staff during the coronavirus crisis.
At 08:00 this morning, the scheme’s online portal was opened up for employers across the Isle of Wight and the rest of the UK to make their claims. The digital system is able to cope with 450,000 applications an hour.
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. Millions of people across the UK are expected to benefit from the scheme.
Employers simply need to claim the cash grant from HMRC by completing a step-by-step online application. Employers should then receive the money to pay their employees within 6 days, enabling them to meet the April payroll.
HMRC has up to 5,000 staff manning phone lines and webchat services to ensure any questions can be answered.
A guide to claiming for employees’ wages through the coronavirus job retention scheme has been produced by HMRC and is available to read in PDF format here.
The link to the online portal can be found here.
Isle of Wight MP Bob Seely has said:
“I want to make sure that Island businesses are the first in the queue for this cash, which can take up to six working days to appear in company bank accounts.
“It’s good that this scheme has opened ten days ahead of schedule. I know businesses here need funds right now and I’m glad the Government has been able to get this scheme up and running quickly – given the current circumstances.
“This money is absolutely vital in the fight to keep our businesses – and our Island – going. We need to keep Islanders in employment to avoid further problems and get our economy back on track as quickly as possible after lockdown lifts.”
