28 April 2020

This update covers new ‘bounce back’ loans for businesses; information about furlough pay for those on family-related leave; and an update on claiming for coronavirus sick pay. 

New: bounce back loans for businesses 

Small businesses will be able to apply for a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor has announced. 

These loans would cover 25% of a business's turnover up to £50,000 and will be interest-free for the first 12 months. No repayments will be due during the first 12 months. 

The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days. Borrowers can apply online via a short form. 

The scheme opens on 4 May 2020. Find out more. 

Furlough pay for those on family-related leave 

Furloughed workers planning to take paid parental or adoption leave starting on or after 25 April 2020 will be entitled to pay based on their usual earnings rather than the furloughed pay rate, the government has announced. 

This means that under the job retention scheme full earnings will apply to Maternity Pay, Paternity Pay, Shared Parental Pay, Parental Bereavement Pay and Adoption Pay. 

Find out more. 

Coronavirus sick pay rebate scheme not yet available 

The coronavirus Statutory Sick Pay (SSP) Rebate Scheme will repay employers the SSP they pay or have paid to current or former employees for periods of coronavirus-related sick leave starting on or after 13 March 2020. 

The online service to claim for this is not yet up and running. HMRC will announce when the scheme is open. In the meantime, don’t fall for fraudsters and scammers – use only the government website to make claims. Find out more. 

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