Over the weekend The Government announced a number of financial measures to help businesses help pay their staff. Below is a summary of the measures announced.
Coronavirus Job retention scheme
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. You must have created and started a PAYE payroll scheme on or before 28 February 2020 and have a UK bank account.
Support for businesses who are paying sick pay to employees
Employers will be able to reclaim SSP paid for sickness absence paid to employees due to COVID-19. This is a departure from standard SSP as this is a company cost and not refundable. The refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19 from day one of sickness. The government is setting up a repayment mechanism over the forthcoming months to deal with this.