80% furlough scheme extended to end of June
The government’s offer to meet 80% of furloughed employees' pay up to a maximum of £2,500 a month has been extended by a month to the end of June.
It was originally intended to span a three month lockdown period from the start of March but today (17 April) Chancellor Rishi Sunak said it is to be extended following yesterday's announcement to keep the social distancing measures in place.
HM Revenue & Customs originally said the money would not be paid to firms until after the end of the initial three-month period but, under pressure from the government, has now said there will be forms to complete online from Monday (20 April) and the first payments should be received by firms before the end of this month (April). To make a claim, click here. For other help available, start here.
The Scottish government has also updated its business support.
A new package of measures includes £120million to extend the Small Business Grant scheme, ensuring that, in addition to a 100% grant on the first property, small business rate payers will be eligible to a 75% grant on all subsequent properties.
A further £100million fund is also being made available to protect self-employed people and viable micro and SME businesses in distress due to Covid-19. This fund will be channelled through local authorities and enterprise agencies to target newly self-employed people and businesses who are ineligible for other Scottish Government or UK Government schemes.
The opportunity to apply for some of the £100million fund will open by the end of the month (April) and the new arrangements for the Small Business Grant will be in place to receive applications on 5 May. To find out more click here.