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The highly awaited Coronavirus Job Retention Scheme (CJRS) has gone live today reports commercial property agent Prop-Search, which enables businesses to reclaim up to 80 per cent of furloughed employees’ salaries.
This announcement comes days after it was announced that the CJRS has been extended from 31 May 2020 until the end of June 2020.
Chancellor Rishi Sunak has confirmed the furlough scheme is now open for applications, with the system able to process up to 450,000 applications per hour. Employers should receive the money within six working days of making an application.
The Treasury has also extended the deadline for applications to its furlough scheme in an effort to prevent thousands of workers who are at risk of losing their job. Initially, individuals had to be employed on 28 February 2020 to qualify for the Coronavirus Job Retention Scheme, but this date has since been extended. Employers can now claim for furloughed employees who were on their Pay As You Earn (PAYE) payroll on or before 19 March 2020 - the day before the scheme was announced.
Chancellor Rishi Sunak said: “It is vital for people’s livelihoods that the UK economy gets up and running again when it is safe to do so, and I will continue to review the scheme so it is supporting our recovery. We’ve taken unprecedented action to support jobs and businesses through this period of uncertainty, including the Coronavirus Job Retention Scheme. As our lockdown measures continue, it is the right decision to extend the furlough scheme for a month to the end of June to provide clarity.”
Simon Toseland added: Whether companies intended to make redundancies or not, this will hopefully be welcome news to many employers who still have operations affected as a result of the Covid-19 pandemic.”
“Future decisions on the scheme will no doubt take into account developments on the wider measures to reduce the spread of coronavirus, as well as the responsible management of the public finances.”