The government's furlough scheme goes live today (April 20) ten days ahead of schedule.
This means employers can now go online to claim cash grants worth up to 80% of wages, capped at £2,500 a month per worker.
5,000 HMRC staff are set to operate the scheme which is expected to help thousands of firms up and down the UK to help pay staff wages.
Employers can now apply for direct cash grants through the HMRC’s new online portal - with the money expected to land in their bank accounts within six working days.
The job retention scheme was announced by Chancellor Rishi Sunak last month as part of a package of support to protect jobs and businesses.
It 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.
The portal has a step by step application process which 5000 HMRC staff will be manning.
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.
Commenting on the news applications are now open for the government’s Coronavirus Job Retention Scheme, Adam Marshall, BCC director general, said: “The opening of the Job Retention scheme is an important milestone for businesses, who can now begin to access the cash they need to pay their staff and protect livelihoods.
“The government deserves credit for the speed, scale and flexibility of its response to the challenges facing our business communities. The focus should now be on delivering this support to firms on the ground.
“Our research indicates that two-thirds of firms have furloughed some portion of their workforce.
"With April’s payday approaching, it is essential that the application process is smooth and that payments are made as soon as possible.
"Any delay would exacerbate the cash crisis many companies are facing and could threaten jobs and businesses.”
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