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Delay in employers reclaiming their furlough money from the government

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Delay in employers reclaiming their furlough money from the government

Furloughing staff and receiving a grant from HMRC is aimed to help those business’s that employ staff. It was a welcome grant which helps to avoid laying off staff (see past articles).

The online service was expected to be up and running in April; however, the government have confirmed that it won’t be ready until the end of April. 

For those that have already paid the furlough cost in March, it means you won’t be able reclaim this money until May by which time the wages for April will have been paid. This is likely to affect cashflow for many businesses.   

If you are in this position you may be able to obtain a loan, which would be interest free for the first 12 months and will not only help with the immediate financial need but also could be repaid when your grant is received

For those that aren’t able to pay their staff due to this delay, communication is the key, make sure that you inform your staff at all stages throughout these unusual times. 

If you need assistance with your Coronavirus business interruption loan process (CBILS) please visit the link below.

https://www.mphaccountants.co.uk/post/helping-you-through-the-coronavirus-business-interruption-loan-process-cbils-for-covid-19

If you want help with planning for the future after the virus please visit  

https://www.mphaccountants.co.uk/post/planning-for-life-after-covid-19-free-business-advisor-session 

Please feel free to share this information as we are helping both clients and non-clients alike.

Please check our website regularly for further updates.

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