Coronavirus Job Retention Scheme and government-backed loan schemes extended

Coronavirus Job Retention Scheme and government-backed loan schemes extended

Please note this article was published on 17 December 2020 and may be out of date. For the latest information about financial support around Coronavirus, please click here

Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (furlough scheme) for one month until the end of April 2021, as well as the loan schemes.

The government will continue to pay up to 80% of the salary of employees for hours not worked until the end of April, with a cap of £2,500 a month.

Employers will only be required to pay the wages, National Insurance (NI) contributions and pensions for hours worked, as well as NI contributions 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, the government said.

Click here for more information about the Job Retention Scheme.

Mr Sunak also confirmed he would be extending the government-guaranteed Covid-19 business loan schemes until the end of March. These loan schemes (the Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme and Bounce Back Loan Scheme) were previously extended until the end of January 2021.

Click here for more information about the loans.

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