Taylor Wimpey Pay It Forward Scheme to make advance payments

Housebuilding giant Taylor Wimpey has introduced ‘Pay It Forward’ to provide financial support for up to 2,750 self employed tradesmen and subcontractors who are not covered by any of the Government’s coronavirus crisis support schemes. The scheme could be worth £600 a month to each qualifying tradesmen.

The ‘Taylor Wimpey Pay It Forward Scheme’ will make advance payments for future work done by subcontractors where we have a long-term relationship. The payments will be made from Taylor Wimpey via the subcontractor, to self-employed individuals who either do not benefit from the Government’s Self-employment Income Support Scheme or who will experience significant hardship before that scheme starts to make payments.

Individuals must work for subcontractor firms that Taylor Wimpey has approved, and after acceptance of an individual’s eligibility, they will receive a payment of up to £600 each month for three months, to be recovered against future work carried out for Taylor Wimpey.

No interest will be charged. The scheme has initially capped the scheme at £5 million, which will allow the firm to support approximately 2,750 individuals, but we are prepared to extend it when it is operating successfully.

Pete Redfern, Chief Executive, said:“As well as committing to pay our supply chain on time throughout this crisis, we will also be setting up the ‘Taylor Wimpey Pay It Forward Scheme’ to help self-employed individuals who will experience significant hardship before the Government scheme starts to make payments.

“Supporting those we rely on is not only the right thing to do but will help ensure we emerge from the COVID-19 pandemic in the best possible place with our community of trades people ready to help us resume the building of much needed high quality homes for our customers, when we are all in a position to do so.”