Just before Christmas, the Chancellor Rishi Sunak confirmed the extension of the furlough scheme until the end of April.
So far, the Coronavirus Job Retention Scheme (CJRS) scheme has protected 9.6 million jobs across the UK, including more than 11,800 across the Forest of Dean, with more than one million businesses accessing loans to help them through the crisis.
The Chancellor said he would review the employer contribution element of the CJRS in January, but decided to bring this forward to allow businesses to plan ahead for the remainder of the winter and the New Year.
The Government will continue to pay 80% of the salary of employees for hours not worked until the end of April. Employers will only be required to pay wages, National Insurance Contributions and pensions for hours worked; and NICS and pensions for hours not worked.
Extending the scheme until the end of April means businesses across the country will have certainty about what support will be available to them.
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. These had been due to close at the end of January.
The schemes have already provided over £68 billion in guaranteed loans, and helped to keep afloat business in all sectors of the UK economy who have been impacted by coronavirus.
The Government has already announced that more support will be available beyond March, through a successor loan scheme. More details of the scheme will be announced in due course, with the government providing a further update on wider Covid-19 economic support at the Budget on 3 March.
The furlough and loan schemes are part of Rishi Sunak’s wider plan to support, create and protect jobs through his Plan for Jobs. This includes the Kickstart Scheme, more investment in training and skills as well as the Self Employment Income Support Scheme grant, with a fourth grant being made available from February to April 2021.