Enhanced Employers COVID-19 Refund Scheme
Updated Information 24th March 2020
We have been advised by Revenue that the Government is expected to announce later today a very much enhanced scheme for employers and employees who are facing challenges as a result of the COVID-19 outbreak.
This scheme will supersede the current Employer COVID-19 Refund scheme.
In particular the new scheme should provide for the following;
At this stage Revenue are not able to provide exact details of the amounts involved, but they have stressed that if Employers can hold off on processing their payroll for a couple of days (perhaps even until Friday afternoon) then it will be to their advantage financially.
If you process a payment this week under the current scheme (€203 net payment to employee) then you will not be able to correct this payroll run to avail of the new scheme, you will have to wait until you process the next payroll period.
We would strongly urge employers to hold off on processing payroll for a couple of days if at all possible so that you can avail of the new scheme. This is particularly important for anybody processing a Monthly or Four Weekly payroll.
We will be releasing an update to facilitate the new scheme as soon as the details are published.
We have been advised by Revenue that the Government is expected to announce later today a very much enhanced scheme for employers and employees who are facing challenges as a result of the COVID-19 outbreak.
This scheme will supersede the current Employer COVID-19 Refund scheme.
In particular the new scheme should provide for the following;
- A larger tax free payment to employees
- Allow employers to provide top-up payments to employees at reduced rates of PRSI (J9)
- Facilitate other schemes such as Short Time Working etc
At this stage Revenue are not able to provide exact details of the amounts involved, but they have stressed that if Employers can hold off on processing their payroll for a couple of days (perhaps even until Friday afternoon) then it will be to their advantage financially.
If you process a payment this week under the current scheme (€203 net payment to employee) then you will not be able to correct this payroll run to avail of the new scheme, you will have to wait until you process the next payroll period.
We would strongly urge employers to hold off on processing payroll for a couple of days if at all possible so that you can avail of the new scheme. This is particularly important for anybody processing a Monthly or Four Weekly payroll.
We will be releasing an update to facilitate the new scheme as soon as the details are published.