Rishi Sunak has announced an extension of support for businesses, seeing them through until his budget in 2021.
The Coronavirus Job Retention Scheme (CJRS) was due to finish on the 31st March 2021, this has now been extended to 30th April 2021, with the government contribution at 80%, capped at £2,500 per month.
At the end of January 2021 the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and the Coronavirus Large Business Interruption Loan Scheme were due to close, but have now been extended until March 2021.
The Chancellor will use his budget, taking place on 3rd March 2021, to outline the next plan phase to tackle the virus and protect jobs.
These extensions to the business loan and CJRS should enable businesses to plan for the first few months of the New Year.
We expect an announcement soon on the support for businesses under the Self Employed Income Support Scheme (SEISS), due to run until 30th April 2021.