Support for businesses through the Coronavirus Job
Retention Scheme
Under the Coronavirus Job Retention Scheme, all UK employers will be able to access
support to continue paying part of their employees’ salary for those employees that would
otherwise have been laid off during this crisis.
- Eligibility: All UK businesses are eligible.
- How to access the scheme
You will need to:
- designate affected employees as ‘furloughed workers,’ and notify your employees
of this change - changing the status of employees remains subject to existing
employment law and, depending on the employment contract, may be subject to
negotiation
- submit information to HMRC about the employees that have been furloughed and
their earnings through a new online portal (HMRC will set out further details on the
information required)
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per
month. HMRC are working urgently to set up a system for reimbursement. Existing
systems are not set up to facilitate payments to employers.
If your business needs short term cash flow support, you may be eligible for a Coronavirus
Business Interruption Loan.
