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Extension to Coronavirus Job Retention Scheme and Covid-19 business loan schemes

Posted: 18th Dec 2020 by Clair Watmore Business Advice General, Coronavirus, Corporate Finance, Furlough, Payroll

It was announced yesterday that the Coronavirus Job Retention Scheme (CJRS) and Covid-19 business loan schemes would be extended.

Coronavirus Job Retention Scheme (CJRS)

Businesses adversely affected by the coronavirus (COVID-19) can now make use of the CJRS until the 30 April 2021, with the government continuing to pay 80% of employees’ salaries (capped at £2,500) for hours not worked until the end of April. 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.

Covid-19 business loan schemes

Additionally, COVID-19 business loan schemes will be extended until the 31 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.

The Government has already announced that more support will be available beyond March, through a successor loan scheme. More details of the scheme will be announced in due course, with the Government providing a further update on wider Covid-19 economic support at the Budget on 3 March 2021.

Here to help

It is important to consider how these changes affect your business and seek advice at the earliest opportunity. To find out how we can assist you, please get in touch.