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The vacation program has been extended to the end of April 2021, with the government continuing to contribute 80% to wages – which gives businesses and workers across the UK security for the New Year, the Chancellor announced today

Security for millions of jobs and companies as the vacation program has been extended until the end of April 2021

Companies in trouble will now have access to generous government loan programs by the end of March

The Chancellor also confirmed that the budget on 3 March will be available and set the next phase of the plan to fight the virus and protect jobs

To ensure that businesses get access to the support they need amid ongoing economic disruptions, Rishi Sunak also confirmed that he will extend the state-guaranteed Covid-19 business loan programs through March

These changes are before the budget, which the Chancellor will approve on 3 March 2021 has confirmed that this will mark the next phase in the plan to fight the virus and protect jobs, so the expansions to the business loan and vacation programs allow companies to plan with certainty in the first few months of the new year before the further update and access to broader economic support from Covid-19

So far, the CJRS (Coronavirus Job Retention Scheme) has protected 96 million jobs across the UK, with more than a million businesses accessing credit to help tackle the crisis

“Our support package for companies and employees remains one of the most generous and effective in the world It is helping our economy restore and protect livelihoods across the country

“We know that premium companies value security It is therefore correct that companies can plan ahead regardless of which route the virus is taking That is why we offer security and clarity by expanding this support. Implementation of our plan for jobs ”

“While our loan programs have provided a vital lifeline to millions of businesses across the country, we know that entrepreneurs need extra security as the New Year begins

“By expanding government-sponsored loan programs, businesses across the UK are getting the funding they need to support, protect and create jobs as we better recover from the pandemic”

The Chancellor said he would review the CJRS Employer Contribution Element in January but decided to move forward so that companies can plan ahead for the remainder of the winter and new year

The government will continue to pay 80% of workers’ wages for hours worked until the end of April Employers only have to pay wages, social security contributions (NICS) and pensions for hours worked and NICS and pensions for hours not worked

The eligibility criteria for the UK system remain unchanged and these changes will continue to apply to all decentralized administrations

If the program is extended until the end of April, companies across the country can rest assured of the support available to them

Companies will also have access to the Bounce-Back Loan Program, Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme until the end of March, which should be closed in late January

The programs already have guaranteed loans of over 68 billion GBP provided and helped keep business alive in all coronavirus-affected sectors of the UK economy

We’re now extending the programs before Christmas and into the New Year to ensure businesses continue to have access to the support they need to grow and recover

The government has already announced that more support will be available beyond March through a follow-up loan program. More details of the program will be announced in due course and the government will be announced on Aug. March to present another budget update on wider economic support for Covid-19

The vacation and loan programs are part of the government’s broader plan to support, create and protect jobs through their employment plan, which includes the Kickstart program, more investment in training and skills, and the Self Employment Income Support Scheme Grant, with one fourth grant will be made available from February to April 2021

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World News – UK – Chancellor extends vacation and loan programs

Source: https://www.gov.uk/government/news/chancellor-extends-furlough-and-loan-schemes