Coronavirus Large Business Interruption Loan Scheme Launches Monday 20 April
Following the Chancellor’s announcement on 3 April, HM Treasury has confirmed that the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will launch on Monday 20 April.
All firms with a turnover of more than £45 million will now be able to apply for up to £25 million of Government-backed finance, and up to £50 million for firms with a turnover of more than £250 million.
The government will provide lenders with a guarantee of 80% on each loan to give lenders further confidence in continuing to provide finance.
The scheme will be available through a series of accredited lenders, which will be listed on the British Business Bank website.
The launch of this scheme is in addition to the existing Business Interruption Scheme (CBILS), which is open only to businesses with a turnover of less than £45 million.
Full details of CLBILS available here
Coronavirus Job Retention Scheme (Furlough) Extended to June 2020 – Opens Monday 20 April
The Chancellor has today announced that the Coronavirus Job Retention Scheme (CJRS), which allows employers to furlough employees with Government grants to cover 80% of wage costs, has been extended until the end of June 2020.
Applications for the CJRS will open on Monday 20 April.
To prepare to make your claim you will need:
- a Government Gateway (GG) ID and password – if you don’t already have a GG account, you can apply for one online, or by going to GOV.UK and searching for 'HMRC services: sign in or register'
- be enrolled for PAYE online – if you aren’t registered yet, you can do so now, or by going to GOV.UK and searching for 'PAYE Online for employers'
- the following information for each furloughed employee you will be claiming for: Name, National Insurance number, Claim period and claim amount, PAYE/employee number (optional).
- if you have fewer than 100 furloughed staff – you will need to input information directly into the system for each employee. If you have 100 or more furloughed staff – you will need to upload a file with information for each employee; HMRC will accept the following file types: .xls .xlsx .csv .ods.
You should retain all records and calculations in respect of your claims.
Full details of applying for CJRS: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme
Chancellor’s announcement on extending the CJRS: https://www.gov.uk/government/news/chancellor-extends-furlough-scheme-to-end-of-june
Furlough scheme cut-off date extended to 19 March
HMRC has announced that the cut-off date for eligibility for the Coronavirus Job Retention Scheme (CJRS) has been extended, to 19 March 2020.
When the CJRS was first announced, individuals originally had to be employed on February 28 2020 to qualify for the scheme. However, following a review of the scheme’s delivery the Government has announced that the cut-off date will be extended to 19 March 2020.
Employers can claim for furloughed employees that were employed and on their PAYE payroll on or before 19 March 2020. This means that the employee must have been notified to HMRC through an RTI submission notifying payment in respect of that employee on or before 19 March 2020.
The CJRS is due to be fully operational next week.
Full Government announcement here
