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Furlough and Loan Schemes Extended Post March 2021

Furlough and Loan Schemes Extended Post March 2021

April Foster

The Chancellor has today announced an extension of the support measures available to businesses affected by the coronavirus pandemic and local lockdowns. 

Furlough scheme
The furlough scheme has been extended until the end of April 2021, with the government continuing to contribute 80% towards wages.

Government backed loans
Government backed business loans have been extended to 31 March 2021 - this means businesses now have until the end of March to access 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.

Additional support post March 2021
The government also confirmed that more support will be available beyond March, through a successor loan scheme. More details of this scheme will be announced in due course. 

The Chancellor will provide a further update on wider Covid-19 economic support at the Budget on 3 March 2021.

For further advice on any of the support available to businesses affected by the coronavirus, please contact your usual Moore adviser.