The Government’s Job Retention Scheme seeks to cover firms and their employees during the hardships of the coronavirus pandemic, which has millions of people contained under strict lockdown measures. In today’s government briefing, Chancellor Rishi Sunak revealed the number of firms which have applied to the government’s scheme.
How many firms have applied to the Job Retention Scheme?
Chancellor Rishi Sunak helmed the government’s daily coronavirus briefing today, as he updated the country on the economic impact of COVID-19.
One of the first things Mr Sunak revealed was the number of people who applied for the Government Job Retention Scheme, which he announced more than a month ago.
The scheme went live today at 8am, and Mr Sunak told viewers 140,000 firms have applied for grants to weather the effects of the coronavirus lockdown.
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Mr Sunak said the awarded government grants would aid one million people who would otherwise have “been at risk of losing their jobs”.
Speaking to the BBC’s Today Programme earlier today, HMRC chief executive Jim Harra revealed employers had made 67,000 claims within the first 30 minutes of the scheme going live.
Under the scheme, employees will receive up to 80 percent of their monthly earnings up to £2,500, the UK median salary.
Furloughed workers can expect their first payments within the next 10 days.
When will people be paid from the Job Retention Scheme?
According to the Treasury, the Job Retention Scheme system can process up to 450,00 separate applications per hour.
Once approved, employers should receive their money within six days, and employees later this month.
Mr Harra told Today people would see the Government-subsidised funds by the “big payroll date” of April 30.
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Mr Harra said: “The big payroll date this month is on the 30th, so employers can claim anytime today, tomorrow or on Wednesday, and there’s time to get that money into their account for the 30th of April.”
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