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This is an incredibly challenging time for all types of businesses, both large and small. Therefore, the Chancellor has announced an unprecedented package of measures to protect businesses and workers against the current economic emergency, including an initial £330 billion of loan guarantees. This is on top of compensation for statutory sick pay as announced in the Budget.
On Friday 20 March the Chancellor announced the Coronavirus Job Retention Scheme to help firms continue to keep people in employment. Businesses can put workers on temporary leave and the government will pay them cash grants of 80% of their wages up to a cap of £2,500, providing they keep the worker employed.