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The Government’s Coronavirus Job Retention Scheme is now live, with businesses able to claim up to £2,500 a month towards staff wages. More than 140,000 firms applied for help to pay their wage bill through the government’s job retention scheme, when the portal went live on Monday.

Employers can apply for direct cash grants through HMRC’s new online portal – with the money expected to land in their bank accounts within six working days.

The job retention scheme, announced by Chancellor Rishi Sunak as part of a package of support to protect jobs and businesses, allows employers to claim for a cash grant of up to 80% of a furloughed employees wages, capped at £2,500 a month.

Millions of people across the UK are expected to benefit from the scheme, with businesses including Pret a Manger, Brewdog and Timpsons using it to ensure staff keep their jobs and are paid whilst many high street businesses are closed.

HMRC’s portal has a step by step application process and up to 5,000 staff will be manning phone lines and webchat services to ensure any questions can be answered.

Last week the Chancellor announced the scheme will be extended for a further month until the end of June, to reflect continuing Covid-19 lockdown measures.

*Employers can furlough anyone they employ, provided that on or before March 19 they were on PAYE payroll and HMRC has been notified of payment via the RTI system.

It’s recommended that you take a screenshot of your successful online submission in case you need to provide that information to your bank or have any queries at a later date.