The Coronavirus Job Retention Scheme

Support for businesses through the Coronavirus Job Retention Scheme

The government is hoping to have this scheme up and running by the end of April. If you’re an employee or a director of your own company and paid through PAYE you may be able to get support using the Job Retention Scheme.

Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.

This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as furloughed workers. HMRC will reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant.

The Coronavirus Job Retention Scheme will cover the cost of wages backdated to 1 March and is initially open for 3 months but will be extended if necessary. HMRC will set out more details shortly.

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