Furlough and business loan schemes extended

As more areas of England plunge into tier three restrictions today, Chancellor Rishi Sunak has extended the coronavirus business loan applications until the end of March to alleviate prolonged business disruptions.

In addition, the government announced that the furlough scheme will be extended alongside loan schemes until 30 April 2021, with the government continuing to contribute 80% towards wages.

2021’s Budget has also been confirmed for 3 March and will “set out the next phase of the plan to tackle the virus and protect jobs”. 

The announcement also alludes to a 45-day redundancy notice period for business “with Budget setting out the next phase of support more than 45 days before the new end date of the scheme”.The announcements come as ministers scramble to ease pandemic and Brexit strains as businesses face continued tier restrictions until spring 2021.