I've been offered furlough by my employer for 2-3 months until business resumes. I will get the 80% of wages that government is guaranteeing. Interestingly the employer doesn't have to top the rest up to your wages and I don't imagine many are!
I'm in hospitality industry and was 100% getting the tin-tack so snapcalled.
I don't imagine many can....
I employ 20 people of which 12 are permanently based on sites carrying out installation work. As of right now there are 3 remaining on site carrying out essential work and myself plus one other on the office supporting them.
The furlough payment is great for the employees but not so great for the employer. Lots of people are crying for the self-employed (myself included) but Company owners are in the same position but on a larger scale.
My Company isn't huge but our weekly outgoings are around £3k per week if we are totally closed and everyone is furloughed.
Our payroll is in the region of £10k per week but let's drop that to £8k as we're all furloughed.
That's £11k going out per week of which £3k is pure loss and £8k can be claimed back at an undefined time possibly end of April.
Drag this out to the end of April and that's £55k I have to find before I get anything back
We're in the fortunate position that we have reasonably strong cash reserves but many won't be. Even as a strong Company I have my concerns if this goes on for long and we have zero income so others will be having an absolutely terrible time.