People who are employed or self-employed are being encouraged to apply for financial support following the recent announcement from the UK Government. The packages of support are available to help protect incomes during the coronavirus outbreak.

Coronavirus Job Retention Scheme

If it is both agreed between an employee and employer, workers might able to be kept on the payroll if they’re unable to operate or have no other work options. This is known as being ‘on furlough’. An employer could pay 80% of a person’s wages through the UK Government’s Coronavirus Job Retention Scheme, up to a monthly cap of £2,500, companies can top it up by a further 20% to 100%. The scheme is expected to to be up and running by the end of April.

Further information is available at: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-guidance-for-employees

Self-Employment Income Support Scheme

Those who are self-employed and have been impacted by the coronavirus outbreak will also be eligible to receive a cash grant worth 80% of their average monthly trading profit over the last three years up to £2500 per month. HMRC will contact people if they are eligible and invite them to apply online, payments will be made in June with a lump sum backdated to March.

Further information is available at: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme