Wages for furloughed employees are now being paid! We have several clients that have already received theirs. Have you received yours?

Don’t worry if you have not received payment yet – it takes at least six working days from when you claimed. Please do not call us or HMRC to chase payment as they will not be able to update you before the six working days have ended.

You do not need to do anything to receive payment. It will automatically be sent to the bank account you nominated in your claim.

Please retain all records and calculations for your claims in case HMRC need to contact you about them in future, as they continue to check claims made through the scheme.

If you have not yet made a claim

You can still claim online for a grant for 80% of your furloughed employees’ salaries, up to a maximum of £2,500 per employee, per month. You will receive the funds six working days after you claim, provided your claim matches records that HMRC hold for your PAYE scheme.

Please read all the available guidance before you apply. Click here for more information.

Continue to keep your furloughed employees informed and ask them not to contact HMRC directly. HMRC will not be able to provide them with any information.

New Business Loan

Yesterday Rishi Sunak announced a new loan, the “Bounce Back Loan”. The scheme is not available yet. It should launch on the 4th May. The loan is designed to help small and medium sized businesses to borrow between £2,000-£50,000.

The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

Eligibility

You can apply for a loan if your business:

  • is based in the UK
  • has been negatively affected by coronavirus
  • was not an ‘undertaking in difficulty’ on 31 December 2019

It is also important to note that you cannot apply if you are already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

More information will hopefully be available soon.

A word about scams

Stay vigilant about scams, which may mimic government messages such as ‘Stay at home’ and ‘Stay home, stay safe’, as a way of appearing authentic and unthreatening. Do not give out private information or reply to text messages, and do not download attachments or click on links in texts or emails you were not expecting.

You can forward suspicious emails claiming to be from HMRC to phishing@hmrc.gov.uk and texts to 60599.

Finally, if you have any questions feel free to drop us an e-mail. Or why not sign up for our regular news bulletin to be delivered straight to your inbox.