CHANCELLOR EXTENDS FURLOUGH AND LOAN SCHEMES

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The furlough scheme has been extended until the end of April 2021 with the government continuing to contribute 80% towards wages – giving businesses and employees across the UK certainty into the New Year, the Chancellor announced on Wednesday.

  1. Certainty for millions of jobs and businesses as furlough scheme extended until the end of April 2021
  2. Businesses struggling will have now until the end of March to access government generous loan schemes
  3. Chancellor also confirmed that the Budget will be on the 3 March and set out the next phase of the plan to tackle the virus and protect jobs

In a move to ensure firms can access the support they need through continuing economic disruption, Rishi Sunak also confirmed he would be extending the government-guaranteed Covid-19 business loan schemes until the end of March.

These changes come ahead of the Budget, which the Chancellor has confirmed will take place on 3 March 2021. This will deliver the next phase of the plan to tackle the virus and protect jobs, so the extensions to the business loan and furlough schemes enable businesses to plan with certainty and access support in the first few months of the New Year ahead of the further update on wider Covid-19 economic support.

So far, the Coronavirus Job Retention Scheme (CJRS) has protected 9.6 million jobs across the UK with more than one million businesses accessing loans to help them through the crisis.

Roger Gunning FCMA CGMA

Gloucester Accountants

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