The government recently announced their plans to support businesses and inviduals through the Coronavirus pandemic, including a new Job Retention Scheme. We have received the following information and details directly from HMRC. Who is the funding available to? The funding will be open to all employers with a PAYE payroll scheme that was created and started before 28th February 2020, including charities. How will the scheme work? Employers can apply for grants of 80% of furloughed employees' (employees on a leave of absence) monthly wage costs, up to £2,500 per month, plus the associated Employer National Insurance Contributions and minimum automatic enrolement employer pension contributions on that wage, provided they keep the worker employed. The scheme will cover the cost of wages backdated to 1st March 2020, if applicable. When will the scheme be available? The government are aiming to have the scheme up and running by the end of April 2020.
Further details of this will be published in due course. We recommend you keep checking the below links as these will be updated when the scheme is further developed as well as any further government announcements regarding Coronavirus (COVID-19).
Full newsletter: https://mailchi.mp/cbefee3debfc/covid-19-job-retention-scheme