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Over 140,000 firms apply for job retention scheme in first day

Over 140,000 firms apply for job retention scheme in first day

More than 140,000 firms have applied for the government's job retention scheme since it launched this morning, the Chancellor has said.

Speaking at Downing Street's daily Coronavirus press conference, Rishi Sunak said on Monday;

"HMRC opened the Coronavirus Job Retention Scheme at eight o'clock this morning.

"As of 4pm, over 140,000 firms have applied and the grants they will receive will help pay the wages of more than a million people.

"A million people who, if they hadn't been furloughed, would have been at risk of losing their job.

"Firms applying today should receive their cash in six working days. HMRC will continue to provide updates on the number of people furloughed."

Under the Job Retention Scheme, employers can claim for 80% of their employee's wages, plus any employer National Insurance and pension contributions if they furlough staff due to the Coronavirus.

The scheme is one of the measures put in place by the UK government to help employers and employees during the difficult times of the pandemic. The pandemic has been causing significant financial woes for many businesses and has already played a role in sending some businesses into administration, including Bright House and Flybe.

Speaking on Monday, Mr Sunak said he didn't have an estimate of the take up of the Job Retention Scheme but that he expected more firms to apply to the scheme.

 

Photo Credit: Pippa Fowles / No 10 Downing Street under licence (CC BY-NC-ND 2.0)

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