Government updates on Coronavirus crisis – Friday, April 17th

Please find two important updates on the CoronaVirus Job Retention Scheme (CJRS) and an expansion to the Government’s loan scheme (CLBILS) which now includes a CLBILS Plus scheme for larger businesses previously excluded.

The online claim service for the Coronavirus Job Retention Scheme will be launched on GOV.UK on Monday, April 20th with funds expected to start being distributed from 25th April. Any of you with a UK payroll can apply and full details can be found below.

Secondly, The Coronavirus Large Business Interruption Loan Scheme has been expanded to cover all viable firms and also launches on Monday, April 20th .
All firms with a turnover of more than £45 million will now be able to apply for up to £25 million of finance, and up to £50 million for firms with a turnover of more than £250 million. Again, please refer to the full details below.

 

Information from BEIS this morning leads us to hope that The Chancellor will issue a statement later today regarding the extension of the CJRS past 31st May. We will update you as soon as we have this information.

1. Get ready to claim – Coronavirus Job Retention Scheme

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 onlineor 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. Further guidance is available here.

 

2. Chancellor expands loan scheme for large businesses

The expanded scheme, will be available through a series of accredited lenders, which will be listed on the British Business Bank website.

This complements existing support including the Covid Corporate Financing Facility and the Coronavirus Business Interruption Loan Scheme for small and medium sized businesses.

Finally, Government has sent a few further updates regarding other areas which I have included here as I feel they might be of use to some BFA members:

3. New case studies and advice have been added to business support web pages

You can find an update from HMRC’s CEO on what furloughed workers need to know, and an example of how Hawksmoor Restaurant plans to take advantage of the Job Retention Scheme. You can find further case studies here. which might be helpful when thinking of your own business’s situation.

 

4. Companies House support for businesses hit by COVID-19

Changes have been announced today that aim to help businesses avoid being struck off the Companies House register as they deal with the impact of the CoronaVirus outbreak. Find out more here.

Monday will no doubt be a very busy day for many of you as you begin to start processes to access CJRS and CLBILS funds, but please remember I am here to help with any advice or support you might need. Please do reach out if I can help with questions or queries and stay in contact via my email here or through the BFA WhatsApp groups.

Wishing you all a restful weekend.

Stay Safe & Smiling,

Lucy

Lucy Reece-Raybould, BFA CEO

 

 

Stay Safe & Smiling,

Lucy

Lucy Reece-Raybould, BFA CEO