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UK furlough scheme now live

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Today the government's Coronavirus Job Retention Scheme was made open to applications from businesses attempting to retain employees.

The scheme allows employers to claim up to 80% of what they would usually pay each furloughed employee, up to £2,500, a month. 

Originally intended to come to a close by the end of May 2020, the scheme has now been extended to the end of June 2020. 

On the condition that employees on or before 19 March were on PAYE payroll, they are eligible to be furloughed by their employer.

Via HMRC's new online portal, employers will be able to apply for cash grants. 

Some 5,000 HMRC staff will be on hand to help answer questions and queries. 

It the first 30 minutes of the scheme opening,  67,000 applications made.

Successful applicants can expect to receive their money within six working days.  

Rain Newton-Smith, Confederation of British Industry (CBI) chief economist, said:

"Rolling out the job retention scheme will make a huge difference to tens of thousands of firms and millions of people, protecting jobs and living standards throughout the UK."

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