Chancellor extends furlough scheme until the end of April 2021 and Covid-19 business loan schemes extended until the end of March.
On the 17 December, Rishi Sunak confirmed that the government will continue to pay 80% of the salary of employees for hours not worked until the end of April under the furlough scheme – Coronavirus Job Retention Scheme (CJRS). Employers will continue to pay wages, National Insurance Contributions (NICs) and pension contributions for hours worked and the NICs and pension contributions for hours not worked. Eligibility criteria remain unchanged.
The Chancellor also confirmed that access to the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loans Scheme would continue until the end of March 2021. The government also indicated that after these government backed loan schemes are withdrawn, they will be replaced by a successor loan scheme. More details are expected in due course.
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