24 February 2022
Self-employed businesses who have overclaimed Co-Funded Payroll Scheme money and have yet to reach an agreement to repay the funds, can now spread their repayments over two years rather than one.
At its peak, in April 2020 the CFPS supported more than 16,000 Islanders and almost 3,500 businesses. The scheme was implemented at speed on a 'pay now, check later' basis to ensure that money reached those who needed it quickly and was not delayed while the usual detailed checks were conducted.
The follow-up audit process has taken place and payment arrangements have been made with the Island's largest businesses. Smaller businesses that claimed more than they were entitled to are now being contacted.
The Government is already offering those who have incorrectly made claims the opportunity to repay balances over 12 months. New repayment plans for the self-employed can be put in place for up to two years. Claimants wanting to request an appropriate repayment plan should contact the Co-Funded Payroll team on 01534 447615 or email email@example.com.
The Minister for Treasury and Resources, Deputy Susie Pinel, said: "The auditing of the Co-Funded Payment Scheme is the correct and prudent approach to take. We need to ensure that public money is being spent and accounted for correctly and invested in our public services.
"To ensure that repayments are not causing financial hardship for businesses, the maximum repayment period for self-employed claimants who do not already have an agreement in place, has been extended from 12 months to two years."