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Chancellor extends furlough and loan schemes

The Chancellor has today announced that the furlough scheme, which had been extended until the end of March, will now be extended to the end of April.

As currently, therefore, the Government will continue to pay 80% of the salary of employees for hours not worked. Employers will only be required to pay wages, National Insurance Contributions (NICS) and pensions for hours worked; and NICS and pensions for hours not worked. The employer contribution element of the scheme will though be reviewed in January.

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.

A successor loan scheme will come forward after this – with details expected to be announced in the Budget on 3rd March.