As and when the government are clearer on the process for Claiming a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme, we will be on tap to assist all of our contractors and Temporary Workers.
We are currently looking into how we can assist you all with this process which we really hope the HMRC will allow us to do on your behalf.
In the meantime the one thing you can be assured of is that Genius Money have never operated an Umbrella process for your payments which is the process where a payroll company pays you a minimum wage for an element of your pay then makes up the rest of the financial amount due in Expenses and additional elements.
So if this was how you have/were paid, how much would the umbrella process entitle you to receive?
The grant number stipulated is 80% of the workers salary up to £2,500 per month, however umbrella workers typically receive 3 pay elements:
A grant application for the Additional Pay/Expenses/Commissions element cannot be claimed, only the workers Basic Pay and Holiday Pay amounts are applicable.
As an example, the calculated amount below is for a worker full time with a day rate on contract of £350 per day, as you can see they would only be entitled to potentially receive £1,595.72 per month, as the expenses part is not applicable for the grant.