Furlough extended until April 2021
Chancellor Rishi Sunak has just announced that the furlough scheme will be extended for an additional month until the end of April 2021.
This scheme has already provided over £68 billion in guaranteed loans, and the extension means that the Government will continue to provide certainty for millions of jobs and businesses across the UK.
Mr Sunak stated: “We know the premium businesses place on certainty, so it is right that we enable them to plan ahead regardless of the path the virus takes, which is why we’re providing certainty and clarity by extending the support.”
The announcement comes as the Chancellor also revealed that the UK’s next budget will now also take place on 3 March, delivering the next phase of the plan to tackle the virus and protect jobs.
What exactly does this mean for businesses?
The extension means that the Coronavirus Job Retention Scheme will continue to pay up to 80% of wages of workers who have been furloughed.
“Our package of support for businesses and workers continues to be one of the most generous and effective in the world – helping our economy to recover and protecting livelihoods across the country,” the Chancellor said.
Businesses will also be given until the end of March to access the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and the Coronavirus Large Business Interruption Loan Scheme.
How can IRIS support you?
While only a couple of weeks of 2020 remain, it seems that the rate at which we continue to see changes shows no sign of slowing.
But IRIS is here to support you no matter what is thrown your way, offering a wide array of solutions that can enable you to meet your changing demand.
We’re continuing to update our offerings in line with every announcement, so you can rest assured that your processes are always compliant and correct.