{"id":841,"date":"2020-04-21T00:00:00","date_gmt":"2020-04-21T00:00:00","guid":{"rendered":"http:\/\/taxbak.co.uk\/index.php\/2020\/04\/21\/covid-19-support-grants-and-loans-update\/"},"modified":"2020-04-21T00:00:00","modified_gmt":"2020-04-21T00:00:00","slug":"covid-19-support-grants-and-loans-update","status":"publish","type":"post","link":"http:\/\/taxbak.co.uk\/index.php\/2020\/04\/21\/covid-19-support-grants-and-loans-update\/","title":{"rendered":"COVID-19 &#8211; support grants and loans update"},"content":{"rendered":"<p><strong>This week has seen a flurry of changes to the various government support schemes. We have summarised a few in this article.<\/strong><\/p>\n<p><strong>Coronavirus Job Retention Scheme (CJRS)<\/strong><\/p>\n<p>The HMRC portal &ndash; where you formally register your claim &#8211; should be live as from 20 April 2020. HMRC have published a &ldquo;user&rdquo; guide to the claims process. In the general information about the scheme the guide says:<\/p>\n<ul>\n<li>To be eligible for CJRS an employer must agree with the employee that they are a &lsquo;furloughed worker&rsquo;.<\/li>\n<li>Employees must be notified that they have been furloughed.<\/li>\n<li>Employees must be furloughed for a minimum of three weeks.<\/li>\n<li>The employee cannot do any work for the employer that has furloughed them.<\/li>\n<li>You can claim 80% of wages up to a maximum of &pound;2,500 per month per furloughed employee.<\/li>\n<li>A separate claim is needed for each PAYE scheme.<\/li>\n<li>You can only claim for furloughed employees that were on your PAYE payroll on or before 19 March 2020.<\/li>\n<li>An RTI submission notifying payment in respect of that employee to HMRC must have been made on or before 19 March 2020.<\/li>\n<li>You must have a UK bank account.<\/li>\n<\/ul>\n<p>The Chancellor has also confirmed that due to the extension of the lock-down period for a further three weeks, claims can be extended to 30 June 2020.<\/p>\n<p><strong>Coronavirus Business Interruption Loan Schemes (CBILS)<\/strong><\/p>\n<p>A reminder that banks cannot ask for a personal guarantee if the loan is below &pound;250,000.<\/p>\n<p>For loans over &pound;250,000, personal guarantees will be limited to 20% of any amount outstanding on the CBILS loan after any recoveries from business assets have been considered.<\/p>\n<p><strong>Having problems securing a loan from your bank?<\/strong><\/p>\n<p>Please call if you would like our help progressing loans with your bank.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>This week has seen a flurry of changes to the various government support schemes. We have summarised a few in this article. Coronavirus Job Retention Scheme (CJRS) The HMRC portal &ndash; where you formally register your claim &#8211; should be live as from 20 April 2020. HMRC have published a &ldquo;user&rdquo; guide to the claims [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-841","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-left-layout","blog-style-postblock","","blog-alt-odd"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=841"}],"version-history":[{"count":0,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/841\/revisions"}],"wp:attachment":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=841"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}