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Various updates

Change to the Furloughed Workers Rules
The Government has reversed it’s position on workers not being able to undertake paid employment if they are furloughed. So if you furlough a worker, they can , subject to any provisions in their employment contract, go and get another job during the furlough period. One of the main reasons it was brought in to help with labour shortages in key areas such as harvesting crops and providing care workers but there is no restriction on the type of paid work that can be undertaken.

Reassurances over Furlough Payments
In evidence to the Parliamentary Treasury Select Committee yesterday, Jim Harra of HMRC confirmed that he expects the online claiming system for the Job Retention Scheme (furloughing) to go live on 20 April. He added that firms can expect payments within 4-6 working days of making a claim – which means that the first payments for March should arrive with businesses prior to the end of April. The key will be making a claim as soon as the system goes live.

Coronavirus Business Interruption Loan Scheme
There are signs that in the last week the Banks have started playing ball with this scheme and are prepared to put applications through without trying to sell their usual commercial loans. While guarantees are needed for the 20% the balance (80%) is guaranteed by the Government. Interest rates seem to be between 4-5% over 6 years but with no payments due in the first year. We have been advised by the banks that those who put in early applications should consider re-applying.

: 16th Apr 2020 13:08:00

 

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