A business chief say a one-month extension to the Government’s furlough scheme will provide “much-needed stability” for Lichfield and Burntwood firms impacted by coronavirus.
Chancellor Rishi Sunak announced an extension to the job retention scheme to 30th June as the UK continues to implement social distancing in a bid to curb the COVID-19 outbreak.
His decision comes after lockdown restrictions were extended for a at least another three weeks.
The furlough scheme allows firms to temporarily send workers home, with the Government paying up to 80% of their wages up to a maximum of £2,500.
Paul Faulkner, chief executive of Greater Birmingham Chambers of Commerce, said:
“This extra month is excellent news and will provide some much needed stability for businesses.
“We and a number of organisations have been lobbying for clarity on an extension to the scheme in recent weeks.
“This will allow businesses across the country to continue to safeguard millions of jobs throughout this incredibly challenging period.”
Paul Faulkner, Greater Birmingham Chambers of Commerce
“A critical day”
HMRC is expected to open the online site for businesses to apply for the funding next week.
“Monday will be a critical day in many employers’ diaries as tens of thousands submit their applications to the coronavirus job retention scheme portal.
“We will continue to call on the Government to ensure that HMRC has the resources it needs to manage the volume of expected applications and process them at speed.
“As cash continues to be a critical issue for many organisations, getting payments out in days, not weeks, will be essential.”
Paul Faulkner, Greater Birmingham Chambers of Commerce
