More than 140,000 businesses, including many in North Tyneside, have applied for help through the government’s Coronavirus Job Retention Scheme, according to reports.

The Coronavirus Job Retention Scheme, which went live on 20 April 2020, will pay 80 per cent of wages capped at £2,500 per month through HMRC’s new online portal.

The scheme was announced by Chancellor Rishi Sunak as part of a package of support to protect jobs and businesses.

The Treasury have said that the system can process up to 450,000 applications an hour, with employers expecting to receive the money within six working days of making an application.

Employers had made 67,000 job claims within half an hour of the system going live, HMRC chief executive Jim Harra told the BBC.  

Businesses can claim via HMRC’s new online portal – with money expected to be paid within 6 working days. 

Originally published in InsiderMedia.