CHANCELLOR Rushi Sunak says he is establishing a coronavirus job protection scheme to help employers hit by the outbreak.
He said that they would be able to apply to HM Revenue and Customs to cover 80% of the wages of staff they keep on up to £2500 a month.
He said: "I have a responsibility to make sure that we protect, as far as possible, people's jobs and incomes.
"Today I can announce that in the first time of our history, the Government is going to step in and help pay people's wages.
"We're setting up a new coronavirus job retention scheme. Any employer in the country small or large, charitable or non-profit, will be eligible for the scheme.
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"Employers will be able to contact HMRC for a grant to cover most of the wages of people who are not working but are furloughed and kept on payroll rather than being laid off.
"Government grants will cover 80% of the salary of retained workers up to a total of £2500 a month – that's just above the median income."
Sunak said "our planned economic response will be one of the most comprehensive in the world".
He added: "To all those at home, right now anxious about the days ahead, I say you will not face this alone."
Sunak said the coronavirus business interruption loan scheme will now be interest free for 12 months rather than the six months previously announced.
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"And thanks to the enormous efforts of our critical financial services sector those loans will now be available starting from Monday," he said.
Sunak added: "Any employer in the country, small or large, charitable or non-profit, will be eligible for the scheme."
Sunak promised further measures next week to ensure larger and medium sized businesses will be able to access the credit they need.
Communities minister Deirdre Hargey said she is working to relieve the hardship and negative impact of coronavirus on people and their wellbeing, with actions from "building early flexibility in our social security system" to ensure people in need the help they require.
Hargey revealed there has been an increase in demand of 300% of the social security system, adding resources are being adjusted to cope with demand.
She also announced that her department is providing £200,000 of match-funding to Community Foundation NI's (CFNI) Coronavirus Community Fund.
Sunak said: "We want to look back on this moment and remember the many small acts of kindness done by us and to us.
"We want to look back on this time and remember how we thought first of others and acted with decency.
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"We want to look back on this time and remember how in the face of a generation-defining moment, we undertook a collective national effort and we stood together. It's on all of us."
The Chancellor said the next quarter of VAT payments will be deferred until the end of June in a cash injection of £30 billion.
Sunak said: "To help businesses pay people and keep them in work I'm deferring the next quarter of VAT payments, that means no business will pay any VAT from now until the end of June.
"And you'll have until the end of the financial year to repay those bills. That's a direct injection of over £30 billion of cash to businesses equivalent to 1.5% of GDP."
The Chancellor made an appeal to bosses to stand by their workers during the coronavirus crisis.
"Let me speak directly to businesses: I know it's incredibly difficult out there - we in Government are doing everything we can to support you," he said.
"The Government is doing its best to stand behind you and I'm asking you to do your best to stand behind our workers."
Today's announcements follow criticism that his £350 billion emergency support package for the economy earlier this week concentrated on businesses but did little for their staff.
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