Businesses adversely affected by the coronavirus (COVID-19) can make use of the Coronavirus Job Retention Scheme until the end of April, with the government continuing to pay 80% of employees’ salaries 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.
Additionally, the Chancellor has stated that he is extending COVID-19 business loan schemes until the end of March 2021. Businesses will be given until the end of March to access the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS). These schemes had been due to close at the end of January 2021.
The Chancellor also confirmed that the 2021 Budget will be delivered on 3rd March 2021. The Budget will outline the next phase of the government’s plan to combat COVID-19 and protect jobs.
The Chancellor 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 recover and protecting livelihoods across the country.
‘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 this support.’
Laura Bright of Harvey, Telford & Bates has commented on the Job Retention Scheme extension:
“The extension to the scheme ensures additional time to protect jobs, and for businesses to be supported during the current situation. At Harvey, Telford & Bates we continue to be on-hand to advise businesses & employers and guide you through the various schemes that have been extended.”
For more information, help and advice, please call us on 01743 462604, or email firstname.lastname@example.org.
To find out more about the extension of the Job Retention Scheme and other business-related schemes in this article, please visit the Gov.uk website here