Furlough to end in summer

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

Winding down furlough scheme

The government’s job retention scheme is likely to start winding down from July in parallel with lifting lockdown measures. Currently, the government is covering 80% of the wages of over 6.3 million workers. It’s not clear yet exactly how the transition will take place, but chancellor Rishi Sunak is expected to announce details within the next week or so.

Back to work?

Just as well then that most companies say they could be ready to go back to business as usual with just three weeks’ notice. That’s according to a survey by the British Chamber of Commerce (BCC), which also found that some firms wouldn’t need any notice at all before restarting.

Bounce back loans

Over 100,000 small businesses applied for a “bounce back” loan on Monday, the first day of the scheme. The government’s latest support package is designed to help the UK’s smallest companies stay afloat by offering 100% state-backed loans of up to £50,000. Companies should receive the cash within days of a successful application.

Help to Save

2 million people have started claiming Universal Credit since March and could get a £1,200 bonus* through the government’s Help to Save scheme, which has been around since 2018. You’re eligible if you receive Universal Credit or child tax benefits, or if you’re entitled to working tax credits. You can pay up to £50 a month into a Help to Save account for up to four years and get a 50% bonus on the balance at the end of the second and fourth year.