April payday saved

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

Furlough scheme goes live

As April payday approaches, bosses across the country will today be logging onto the just-launched job retention scheme. Their mission? To apply for grants to cover up to 80% of the wages of their furloughed employees. The government has said the system can process 450,000 applications an hour and promised that businesses will get the money within six working days of applying.

£1.3 billion for startups

The government has unveiled a new rescue package worth £1.3 billion. It’s designed to help young companies that aren’t eligible for the existing loan scheme because they don’t turn a profit yet. Startups must have raised £250,000 privately in the last five years to be eligible for the cash, and they’ll have to match money the government puts in with further private investment.

520,000 home sales abandoned

Property transactions in the UK will slump by 38% in 2020, with over half a million would-be sellers having to postpone their plans. Property firm Knight Frank has warned that the freeze on moving house will have a ripple effect on the rest of the industry, including estate agents, removals companies, and retailers.

Stamp duty holiday?

Amid the property slump, there are growing calls to have a stamp duty holiday after the lockdown has lifted to jumpstart the market. Rightmove, Knight Frank, and the Royal Institute of Chartered Surveyors have all backed a break from the tax, which would save most buyers a big chunk of money.