Chancellor of the Exchequer Rishi Sunak has extended COVID-19 furlough and loan schemes
Businesses struggling will have now until the end of March to access government backed loan schemes. The Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and the Coronavirus Large Business Interruption Loan Scheme had been due to close at the end of January.
The furlough scheme (CJRS) has been extended until the end of April 2021 with the government continuing to pay 80% of the salary of employees for hours not worked until the end of April. Employers will only be required to pay wages, National Insurance Contributions (NICS) and pensions for hours worked; and NICS and pensions for hours not worked. The eligibility criteria for the UK-wide scheme will remain unchanged and these changes will continue to apply to all Devolved Administrations.
There was no news concerning an extension to the Self-Employed Income Support Scheme which is scheduled to end in March nest year.
Chancellor Sunak also confirmed that the Budget will be on 3 March and set out the next phase of the plan to tackle the virus and protect jobs The government has already announced that more support will be available beyond March, through a successor loan scheme..
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