The Government has opened an online application portal for employers looking to take advantage of the Coronavirus Job Retention Scheme.
Under the scheme, companies whose finances have been affected by COVID-19 lockdown measures can apply for a Government grant to cover 80% of the monthly wages of any employees placed on furlough, up to the value of £2,500 a month, plus the associated Employer National Insurance contributions and pension contributions.
The aim of the scheme is to prevent redundancies and lay-offs by enabling business to keep employees on the payroll even if they are experiencing a drop in revenue as a result of the coronavirus pandemic.
The Treasury is confident that the system can cope with the expected flood of claims, saying their system caa process up to 450,000 applications an hour.
Employers have until Wednesday, 22nd April, to apply for a grant under the scheme. Once HMRC has approved a claim, the grant should be deposited into the applicant’s account via Bacs within six working days.