FabSwingers.com > Forums > Politics > Coronavirus Job retention scheme (80%)
Coronavirus Job retention scheme (80%)
Jump to: Newest in thread
 |
By (user no longer on site) OP
over a year ago
|
Is this an actual grant? or an interest free loan?
As on the news I have heard both the terms Grant and interest free loans been branded
so is this a Grant...Bounty, contribution, gift, or subsidy (in cash or kind) bestowed by a government or other organization (called the grantor) for specified purposes to an eligible recipient (called the grantee)
or is it an interest free loan which in time will have to be paid back?
.
.
.
How to access the scheme
You will need to:
designate affected employees as ‘furloughed workers,’ and notify your employees of this change - changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation
submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (HMRC will set out further details on the information required)
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.
If your business needs short term cash flow support, you may be eligible for a Coronavirus Business Interruption Loan. |
Reply privately, Reply in forum +quote
or View forums list | |
“ To qualify for this scheme, you should not undertake work for them while you are furloughed. This will allow your employer to claim a grant of up to 80% of your wage for all employment costs, up to a cap of £2,500 per month.”
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) OP
over a year ago
|
"“ To qualify for this scheme, you should not undertake work for them while you are furloughed. This will allow your employer to claim a grant of up to 80% of your wage for all employment costs, up to a cap of £2,500 per month.”
"
yes we all know the above, what the question is;
is this a grant not requiring paying back
or is it an interest free loan |
Reply privately, Reply in forum +quote
or View forums list | |
"“ To qualify for this scheme, you should not undertake work for them while you are furloughed. This will allow your employer to claim a grant of up to 80% of your wage for all employment costs, up to a cap of £2,500 per month.”
yes we all know the above, what the question is;
is this a grant not requiring paying back
or is it an interest free loan"
It’s a grant |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"Any suggestions what to do if your employer don’t want to sign up, as an employee you can’t sign up yourself "
I dunno mate but think yourself lucky you're employed....the self-employed are getting fuck all help |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"Any suggestions what to do if your employer don’t want to sign up, as an employee you can’t sign up yourself
I dunno mate but think yourself lucky you're employed....the self-employed are getting fuck all help"
People being made redundant too that isn't Virus related with the looks of it |
Reply privately, Reply in forum +quote
or View forums list | |
"Anyone on PAYE will get 80% of their wages paid by the Goverment, up to a maximum of £2500 pcm.
It's up to individual companies if they choose to top up the other 20% or not. "
Which means, unless your employer is extremely kind, you're taking a 20% pay cut. Hardly anyone in the media is talking about that.
Mind you, I could manage on £2,500pcm very comfortably, thank you.
It's not great. It's a lot better than SSP or UC. Smile and accept it. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) OP
over a year ago
|
Turns out this is an interest free loan (grant) at the end of all this, the employer has to pay it all back obviously in stages through the years but this is a loan, not given for free which I first thought. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
If you are lucky enough to get 80% pay then thats not bad for sitting on your ass is it?
besides you would save on travel expenese ect so would most likely not be out of pocket by very much.
If you're seld employed it's a bit more complex than that.
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ty31Man
over a year ago
NW London |
"Turns out this is an interest free loan (grant) at the end of all this, the employer has to pay it all back obviously in stages through the years but this is a loan, not given for free which I first thought."
Which will most probably mean pay cuts/freezes, job losses etc etc.
Another big recession looms |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"Turns out this is an interest free loan (grant) at the end of all this, the employer has to pay it all back obviously in stages through the years but this is a loan, not given for free which I first thought."
No that’s wrong. It’s very simple, loans have to be repaid grants do not. It is a grant therefore it doesn’t need to be repaid |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) OP
over a year ago
|
"Turns out this is an interest free loan (grant) at the end of all this, the employer has to pay it all back obviously in stages through the years but this is a loan, not given for free which I first thought.
No that’s wrong. It’s very simple, loans have to be repaid grants do not. It is a grant therefore it doesn’t need to be repaid "
That is not what the business my friend runs was told direct when he was filling in the forms to take care of his workers
Are you getting a free grant for your employees, do you have any employees |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"Turns out this is an interest free loan (grant) at the end of all this, the employer has to pay it all back obviously in stages through the years but this is a loan, not given for free which I first thought.
No that’s wrong. It’s very simple, loans have to be repaid grants do not. It is a grant therefore it doesn’t need to be repaid
That is not what the business my friend runs was told direct when he was filling in the forms to take care of his workers
Are you getting a free grant for your employees, do you have any employees"
Yes I have many employees. That’s total BS what your friend has told you. There are no forms available to anyone. Once again just fake news and speculation probably lifted from social media. Read the GOV website it’s clear on what it is
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ercuryMan
over a year ago
Grantham |
"Turns out this is an interest free loan (grant) at the end of all this, the employer has to pay it all back obviously in stages through the years but this is a loan, not given for free which I first thought."
You are wrong. Check and check again. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
The main difference between a grant and a loan is repayment. A loan requires you to repay the money you borrow, whereas a grant does not. Grants are, essentially, a gift. In other words, they're non-repayable
Perhaps your friend is confusing the 12 months interest free loan that the government is backing with the grant being offered for furloughed employees ? |
Reply privately, Reply in forum +quote
or View forums list | |
So this isn't too cover long term sick if told to isolate for 12 weeks??
It's just SSP for that period???
And if you are furloughed does this mean when and if you restart you have to start another contract with your employer effectively starting from scratch again?? |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"So this isn't too cover long term sick if told to isolate for 12 weeks??
It's just SSP for that period???
And if you are furloughed does this mean when and if you restart you have to start another contract with your employer effectively starting from scratch again??"
I guess if your employer still has work for you but you are signed off sick then technically it’s only SSP you are entitled to. Depends on whether your employer has put u on furlough. Furlough means you are still contracted as an employee but are on a temporary lay off. So you are still employed under the same contract you originally signed. There’s nothing to stop your employer making you redundant at the end of all this but he would still have to follow the procedures set in your contract of employment. It’s also upto your employer whether to top up your wages to their full amount. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ercuryMan
over a year ago
Grantham |
"So this isn't too cover long term sick if told to isolate for 12 weeks??
It's just SSP for that period???
And if you are furloughed does this mean when and if you restart you have to start another contract with your employer effectively starting from scratch again??"
Anyone with a PAYE number, will have 80% of their wages paid by the Goverment. The scheme hasn't started yet but will be backdated.
Hopefully Companies have enough cash reserves to pay any wages due at the end of this month.
As far as I know, your contract will not be affected. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"So this isn't too cover long term sick if told to isolate for 12 weeks??
It's just SSP for that period???
And if you are furloughed does this mean when and if you restart you have to start another contract with your employer effectively starting from scratch again??
Anyone with a PAYE number, will have 80% of their wages paid by the Goverment. The scheme hasn't started yet but will be backdated.
Hopefully Companies have enough cash reserves to pay any wages due at the end of this month.
As far as I know, your contract will not be affected. "
Anyone with a PAYE number that has been temporarily laid off. Not everyone. It’s important that your employer has put you on furlough otherwise you won’t be eligible |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ercuryMan
over a year ago
Grantham |
"So this isn't too cover long term sick if told to isolate for 12 weeks??
It's just SSP for that period???
And if you are furloughed does this mean when and if you restart you have to start another contract with your employer effectively starting from scratch again??
Anyone with a PAYE number, will have 80% of their wages paid by the Goverment. The scheme hasn't started yet but will be backdated.
Hopefully Companies have enough cash reserves to pay any wages due at the end of this month.
As far as I know, your contract will not be affected.
Anyone with a PAYE number that has been temporarily laid off. Not everyone. It’s important that your employer has put you on furlough otherwise you won’t be eligible "
Yes, good clarification. My son and his other workers were "technically" made redundant yesterday, do that their Company could claim the money.
|
Reply privately, Reply in forum +quote
or View forums list | |
"So this isn't too cover long term sick if told to isolate for 12 weeks??
It's just SSP for that period???
And if you are furloughed does this mean when and if you restart you have to start another contract with your employer effectively starting from scratch again??
Anyone with a PAYE number, will have 80% of their wages paid by the Goverment. The scheme hasn't started yet but will be backdated.
Hopefully Companies have enough cash reserves to pay any wages due at the end of this month.
As far as I know, your contract will not be affected.
Anyone with a PAYE number that has been temporarily laid off. Not everyone. It’s important that your employer has put you on furlough otherwise you won’t be eligible
Yes, good clarification. My son and his other workers were "technically" made redundant yesterday, do that their Company could claim the money.
"
Important to note the company MUST furlough the employee, and record it as this.
This isn’t a scheme that covers every paye employee who suddenly finds themselves not working .
The employer must apply for the grant to cover the 80% and the employee has to be recorded as furloughed
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"I've got the answer ....get the grants ...take out as much of a loan as you can ....wait a month or so then go skint ...liquidate the company .....just wait for this to happen folks"
The way I see the grants for me, it’s basically a rebate for the years of paying business rates. For the loans, the banks won’t just throw them at every company. There’s eligibility & criteria you must meet and the borrowing proposal you put forward must, if not for the current pandemic, be considered viable by your lender. They will need to see financial accounts, management information by way of P&L and balance sheet for the most recent period. Also needed will be budgets & cash flow forecasts for the next 6-12 months showing predicted income & costs that show the perceived impact of the pandemic and the gap in funding.
The borrower is still viable for 100% of the outstanding loan balance. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *eavenNhellCouple
over a year ago
carrbrook stalybridge |
we have just signed out furlough forms ready to finish tommorow form states no effect on current contract .cannot undertake secondary work whilst on furlough.first review 15th of april current form covers us for 3 months |
Reply privately, Reply in forum +quote
or View forums list | |
Fully expecting to be furloughed this week as we cannot get into lots of the buildings we look after.
Emails sent to us today detailing the Governments and our companies policy.
At present have used the last 4 days of my holiday to stay out of London but will have to go back next week unless furloughed due to lack of work. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"Fully expecting to be furloughed this week as we cannot get into lots of the buildings we look after.
Emails sent to us today detailing the Governments and our companies policy.
At present have used the last 4 days of my holiday to stay out of London but will have to go back next week unless furloughed due to lack of work."
Just stay out of London anyway, it’s the epicenter of the pandemic in the UK. Is it really worth going in for a few extra days pay ? I think any responsible employer, backed by this governments 80% initiative, would not send you into that city unless you were vitally important eg hospital work.
I’m sure anyone could survive missing a week or two of pay, don’t risk it. Somethings are worth more |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ky19Man
over a year ago
Plymouth |
As for those who work paid cash in hand, or partly cash in hand, it looks like they're cooked?  80% would only be taken from any pay wired into your account?
Also, it looks like the £350bn is again loaned as fiat currency by the banks, and doesn't appear to be backed by anything. It's supposed to be backed by Gold or something to back the value of the money being printed, otherwise it's just paper. So it's imagined money imagined into existence, but there's nothing imaginary about the amount to pay back.
I never hear this mentioned in the news |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"As for those who work paid cash in hand, or partly cash in hand, it looks like they're cooked? 80% would only be taken from any pay wired into your account?
Also, it looks like the £350bn is again loaned as fiat currency by the banks, and doesn't appear to be backed by anything. It's supposed to be backed by Gold or something to back the value of the money being printed, otherwise it's just paper. So it's imagined money imagined into existence, but there's nothing imaginary about the amount to pay back.
I never hear this mentioned in the news "
Do u mean paid cash as in illegal, dodging tax ? If so then no they wouldn’t be due anything. You gotta pay in to the system if u expect to then be able to receive |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
I’ve been reading up on some of the opinions from the accounting firms, note these are opinions as it’s nit been clarified.
Workers furloughed must do no work. No answering emails or finishing some paperwork.
Now the tricky bit, this is a quote, hopefully that’s ok
“ if your employer cannot cover staff costs due to COVID-19 they may be able to access support…’. This is a conditional phrase which may relate to existing funds available to the employer. We do not yet know how these might be determined, nor whether there is a bar of some description.”
Better clarity is needed.
|
Reply privately, Reply in forum +quote
or View forums list | |
"I’ve been reading up on some of the opinions from the accounting firms, note these are opinions as it’s nit been clarified.
Workers furloughed must do no work. No answering emails or finishing some paperwork.
Now the tricky bit, this is a quote, hopefully that’s ok
“ if your employer cannot cover staff costs due to COVID-19 they may be able to access support…’. This is a conditional phrase which may relate to existing funds available to the employer. We do not yet know how these might be determined, nor whether there is a bar of some description.”
Better clarity is needed.
"
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-through-the-coronavirus-job-retention-scheme |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"I’ve been reading up on some of the opinions from the accounting firms, note these are opinions as it’s nit been clarified.
Workers furloughed must do no work. No answering emails or finishing some paperwork.
Now the tricky bit, this is a quote, hopefully that’s ok
“ if your employer cannot cover staff costs due to COVID-19 they may be able to access support…’. This is a conditional phrase which may relate to existing funds available to the employer. We do not yet know how these might be determined, nor whether there is a bar of some description.”
Better clarity is needed.
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-through-the-coronavirus-job-retention-scheme"
I’ve read all that as well and it seems very simple on the web site. The quote I added is from some clarification details released.
Hopefully we will have full details soon. |
Reply privately, Reply in forum +quote
or View forums list | |
"I’ve been reading up on some of the opinions from the accounting firms, note these are opinions as it’s nit been clarified.
Workers furloughed must do no work. No answering emails or finishing some paperwork.
Now the tricky bit, this is a quote, hopefully that’s ok
“ if your employer cannot cover staff costs due to COVID-19 they may be able to access support…’. This is a conditional phrase which may relate to existing funds available to the employer. We do not yet know how these might be determined, nor whether there is a bar of some description.”
Better clarity is needed.
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-through-the-coronavirus-job-retention-scheme
I’ve read all that as well and it seems very simple on the web site. The quote I added is from some clarification details released.
Hopefully we will have full details soon."
“ if your employer cannot cover staff costs due to COVID-19 they may be able to access support…’.
This quote ?
The link above drills down further to more specific detail about which companies are eligible for the job retention scheme. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ky19Man
over a year ago
Plymouth |
Hi, no it's ok it's not dodgy! All declared and good.
I think the bailout money is dodgy though for the aforementioned reason.
BTW, the public bailed out the banks in 2008/9. What are the chances of them returning the favour now? |
Reply privately, Reply in forum +quote
or View forums list | |
» Add a new message to this topic
