Yet Another Extension - the Furlough Scheme (CJRS)
Here we go again - yet another extension to the Coronavirus Job Retention Scheme (CJRS) for government funded furlough has just been announced today (17th December 2020).
The Chancellor has said that the furlough scheme is being extended until the end of April 2021 with the government continuing to contribute 80% towards wages as it is at present.
The Chancellor also confirmed that he would be extending the government-guaranteed Covid-19 business loan schemes until the end of March.
These changes come ahead of the Budget, which has now been confirmed as taking place on 3 March 2021.
Originally there was planned to be a review of the scheme at the end of January so this announcement is earlier than expected and has been made to help businesses to plan with certainty and to access support in the first few months of the New Year ahead of the further update on wider Covid-19 economic support in the budget. It also gives businesses longer than 45 days should they be thinking of needing to consult on larger-scale redundancies and will help delay these if there is a prospect of an upturn in business.
Posted on 17 Dec 2020