The Government has today announced that the Job Retention Scheme will be extended until 30th April 2021, the Government backed loan schemes will remain open until 31st March 2021; and the next Budget will be on 3rd March 2021.
For the Job Retention Scheme, the Government will continue to pay 80% of the salary of employees for hours not worked until the end of April 2021. 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 eligibility criteria for the furlough scheme remains unchanged.
The Government backed loans include 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 2021, but will now remain open until 31st March.