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Government Coronavirus Job Retention Scheme Goes LIVE!

The Government's Coronavirus Job Retention Scheme has gone live today (Monday) ten days earlier than expected.

Businesses on the Isle of Wight are able to claim cash grants worth up to 80% of wages, capped at £2,500 a month per worker.

As previously reported, the Isle of Wight Council is in receipt of Government grant funding totalling £62.8 million to support eligible business ratepayers.

5000 HMRC staff will operate the scheme, you can apply through HMRC’s new online portal - with the money expected to land in their bank accounts within six working days.

Speaking exclusively to Isle of Wight Radio Tthe MP for the Isle of Wight said: "The council expects most of the payments to be out in the next two weeks and the timeline to payout everything should be three weeks. "The council are doing a great job - working flat out looking after the vulnerable and funnelling this money to businesses" Chancellor of the Exchequer Rishi Sunak said: "Our unprecedented job retention scheme will protect millions of jobs across the country and is now up and running.

"It’s vital that our economy gets up and running again as soon as it’s safe – and this scheme will allow that to happen."

Find more advice for businesses during the outbreak here.

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