Government furlough and loan schemes extended

The Chancellor of the Exchequer has announced that the furlough Scheme will be extended until 30 April 2021 (17 December 2020).

This means the government will contribute 80% towards employees’ salaries for hours not worked until the end of April 2021. Employers are required to pay wages, National Insurance Contributions (NICS) and pensions for hours worked. For hours not worked, employers are required to pay NICS and pensions.  

Chancellor of the Exchequer Rishi Sunak said: “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.

“We know the premium businesses place on certainty, so it is right that we enable businesses to plan ahead regardless of the path the virus takes, which is why we’re providing certainty and clarity by extending this support, as well as implementing our Plan for Jobs.”

Business loan schemes

Businesses will have access to the government loan schemes until the end of March rather than January which was the original deadline. These schemes include:

• The Bounce Back Loan Scheme
• Coronavirus Business Interruption Loan Scheme
• Coronavirus Large Business Interruption Loan Scheme

The Chancellor is due to hold the Budget on the 3 March 2021. This is when the next stage will be announced.  

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We do this by keeping up to date with market updates, ensure our staff are fully trained, and provide a friendly client care service. If you require help to navigate your financial accounts get in touch with our accountants to talk through your accountancy requirements. We can then tailor a service that fits your business goals and needs.