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NEWS: Coronavirus business support hub and job retention scheme update

New Coronavirus business hub

The Government have published a new Coronavirus business hub designed to be the first point of call for people seeking government information on support for business. 

The hub makes clear that:

  • Loans, tax relief and cash grants will be available
  • Employers can apply for staff to get up to 80% pay if they can’t work
  • Self-employed people will receive up to £2,500 per month in grants for at least 3 months

On the hub, you can access all the business information you need to know about Coronavirus and financial support. This includes information for those who are self-employed.

Job retention scheme update

The Coronavirus Job Retention Scheme is a temporary scheme to be open to all UK employers for at least three months. Employers can use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month.

First Permanent Secretary and Chief Executive of HMRC Jim Harra, spoke yesterday at a virtual Treasury Select Committee session. He updated on the progress of the Job Retention Scheme and mentioned some key points:

  • HMRC and IT provider CapGemini, have been working hard to create the new furlough reporting portal.
  • Phase one testing with a small number of selected PAYE employers has started.
  • Guidance to support employers will be issued to ensure that the process is explained and employers gather all the necessary information in order to file their claim.
  • HMRC are working to have the portal open on 20 April for employer submissions, giving a 10-day window to month end for PAYE payroll reporting. Jim Harra said “there should be time to make payments before 30th April”.

Find out more about the scheme and check if you're eligible here.

Don't forget to keep an eye on PACEY's Coronavirus spotlight which we update on a regular basis as and when new information is available.