The Nottingham office of national accountancy firm UHY Hacker Young processed more than £1.2m worth of furlough claims within the first two months of the Coronavirus Job Retention Scheme (CJRS) being launched.
The scheme was announced as part of a package of measures to safeguard jobs and alleviate the impact of the coronavirus pandemic on businesses across the country.
It enables employers to recover 80% of wage costs for employees on ‘furlough leave’, which was an entirely new concept.
Since its introduction, 8.7 million jobs across the UK have been furloughed (as of 31 May), with the Office for Budget Responsibility estimating the cost of the scheme to be around £60bn.
James Simmonds, partner at UHY Nottingham, said: “These are extraordinary times that are full of uncertainty for the UK economy, and many businesses are experiencing a downturn due to the coronavirus pandemic.
“The CJRS has been vital for the protection of jobs and a lifeline for many businesses, offering an alternative for employers who might have otherwise implemented redundancies, lay-offs or unpaid leave for their employees – ensuring they have a steady income – while also giving companies a degree of stability.”
He added: “We are really proud to have processed such a substantial number of claims successfully and efficiently for our clients – guiding local employers through the hurdles of the pandemic and assisting with the survival of their business.”