The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked.
Its good news for customers and technology providers. The delay will hopefully buy time for many businesses that were looking at MTD compliance only, enabling them to take a breath and review how they approach Phase 2 of MTD.
The government will release a series of papers next week outlining its approach on how to safely and gradually restart the economy.
The Pension Regulator has published the following statement
HM Government have today updated the qualification date for claiming assistance with employees' wages through the Coronavirus Job Retention Scheme
COVID-19: Company Directors & Shareholders. Many small companies are run by just one or two directors and have no other employees. Such directors particularly sole directors may have issues with claiming government assistance.
The Chanceller has, overnight, announced measures to make it easier for Businesses to get Coronavirus Business Interruption Loans,
- No longer any need to have aplied for "ordinary" loan first
- Banks told not to ask for personal guarntees for loans under £250,000
An update from the Government refers to an impending change to the current insolvency regime to assist businesses during the ongoing COVID19 outbreak. Whilst he was not specific on the extent of the changes, he did refer to a moratorium on Wrongful Trading against directors. The changes will be applied retrospectively to 1st March 2020 and will be in force for three months.
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. HMRC expect the scheme to be up and running by the end of April.
The income support scheme will cover the three months to May. Grants will be paid in a single lump sum instalment covering all 3 months, and will start to be paid at the beginning of June.