Frequently Asked Questions (Based on information available as at 31 March 2020) 

 

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 known 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. 

 

On Friday 20th March 2020 the Chancellor set out a package of measures to support public services, people and businesses through the period of disruption caused by COVID-19. 

 

The package of measures to support businesses includes: 

• Coronavirus Job Retention Scheme 

• Deferring VAT and Income Tax payments 

• A Statutory Sick Pay relief package for SMEs 

• A 12-month business rates holiday for all retail, hospitality and leisure businesses in England 

• Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief 

• Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000 

• The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank 

• A new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans 

• HMRC Time To Pay Scheme 

 

We will keep you informed about the details of each of these packages and how to apply. Be safe and stay strong!