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612,000 UK workers lose their jobs during lockdown

612,000 UK workers lose their jobs during lockdown

Business
Early estimates suggest 163,000 people lost their jobs in May, on top of 449,000 the previous month, as the coronavirus crisis lockdown took its toll on the UK economy.The Office for National Statistics (ONS) said HM Revenue and Customs (HMRC) data covering the number of paid employees showed a fall of 2% since the country entered effective hibernation in March. It released the experimental data as its own figures showed a leap in the so-called claimant count - jobless claims applications through Universal Credit. ...
UK furlough scheme now covers 8.9 million workers

UK furlough scheme now covers 8.9 million workers

Business
Some 8.9 million workers are now covered by the government's furlough scheme, the Treasury has said.Claims for subsidies filed by employers have now reached £19.6bn, it added.The scheme, brought in to mitigate the effects of coronavirus, allows employees to receive 80% of their monthly salary up to £2,500.A similar scheme for self-employed workers, known as the Self-Employed Income Support Scheme, has seen 2.6 million claims made worth £7.5bn.This differs from the furlough scheme because it is a grant paid out in a single instalment covering three months and amounting to 80% of average profit.Self-employed workers can continue to apply for the first SEISS grant until 13 July. Applications for a second grant will open in August.The furlough scheme, officia
Got a PPP loan but workers rejected your rehire offer? You might have to report them to unemployment

Got a PPP loan but workers rejected your rehire offer? You might have to report them to unemployment

Finance
Justin Horrocks | Vetta | Getty ImagesLaid-off employees who reject an offer of rehire may wind up being reported to the state unemployment office if their company took a forgivable federal loan.The Paycheck Protection Program is a federal loan program that was established by the CARES Act. It covers up to eight weeks of wages, mortgage interest and other expenses for business disruptions during the coronavirus pandemic.In order to obtain forgiveness, at least 75% of the proceeds must be used to cover payroll, according to the Small Business Administration. No more than 25% can be used for other costs.Borrowers get two years to pay off amounts that aren't forgiven, at an interest rate of 1%.The SBA and Treasury Department rolled out further forgiveness guidance last week in an interim fina...
UK furlough scheme now covers 8.4 million workers

UK furlough scheme now covers 8.4 million workers

Business
Some 8.4 million workers are now covered by the government's furlough scheme, up from eight million a week earlier, the Treasury has said.Claims for subsidies filed by employers rose to £15bn from £11.1bn, it added.The scheme, brought in to mitigate the effects of coronavirus, allows employees to receive 80% of their monthly salary up to £2,500.A similar scheme for self-employed workers saw 2.3 million claims made worth £6.8bn.The Self-Employed Income Support Scheme, as it is known, differs from the furlough scheme because it is a grant paid out in a single instalment covering three months and amounting to 80% of average profit.The furlough scheme, officially called the Coronavirus Job Retention Scheme, was originally intended to last until the end of Jul
Coronavirus: US workers seeking jobless aid near 40 million

Coronavirus: US workers seeking jobless aid near 40 million

Business
A further 2.4 million Americans sought unemployment benefits last week, despite hopes that easing lockdown restrictions would help restart the US economy.The new filings brought the total since mid-March to roughly 38.6 million - almost a quarter of the workforce.The weekly figures have declined since peaking at almost 6.9 million at the end of March but remain high.The number of people remaining on benefits also continues to grow.Treasury Secretary Steven Mnuchin warned this week that the US risked "permanent damage" if the lockdowns continued.All 50 states in the US have started to reopen but it is not clear whether simply easing restrictions will prompt activity to rebound. ...