Coronavirus Job Retention Scheme
The centrepiece of the package was the new Coronavirus Job Retention Scheme.
Simply put, any employer will be able to ask HMRC for a grant to cover 80% of an employee’s wages, up to £2,500 per month, for any employee who is not working but is kept on the payroll and not laid off – so basically to protect employees who might otherwise have lost their jobs.
This is a ‘Government salary underwrite’ per employee of up to £30,000 per annum – and it doesn’t even come with a requirement for employers to top up the wages to 100%. They can do that if they want to.
This is an historic moment, as no British Government (Labour or Conservative) has ever done this – but then we are in uncharted waters.