Ahead of the launch of the Coronavirus Job Retention Scheme portal today, and in the latest of a series of updates to the scheme, the Chancellor on Friday confirmed that the furlough scheme will now extend through to the end of June 2020. This is a one month extension from the previous end date of May 2020.
Claims can be made from today, Monday 20th April. Please be aware that HMRC are expecting a large demand for access to the portal when it goes live today. If you do need assistance with your claim please do contact a member of our payroll team at payroll@rpg.co.uk.
Business Interruption Insurance
Although it appears that insurance companies are resisting such claims there is increasing evidence that some mainstream insurance policies do provide some level of business interruption cover which is applicable to the consequences of the Coronavirus.
If you have a policy which provides business interruption cover we are able to arrange for a no-cost/no-obligation review by an expert in this field in order to establish if a claim can be pursued.
In order to take advantage of this you will need to provide your usual contact with an electronic copy of the Policy Schedule and of the Policy Wording.
Chancellor expands loan scheme for large businesses
The government-backed loan scheme for large businesses affected by Coronavirus has been expanded to cover all viable firms.
The Chancellor on Friday unveiled the final details of the Coronavirus Large Business Interruption Loan Scheme ahead of launch today. All viable businesses with turnover of more than £45m will be able to apply for government-backed support of up to £25m. Firms with turnover of more than £250 million can borrow up to £50 million. This complements existing support including the Covid Corporate Financing Facility and the Coronavirus Business Interruption Loan Scheme.
If you have any questions on the above or require support on any of the measures announced by the government please do not hesitate to contact your usual RPG contact.
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