No furlough at Funding Circle: Online lender vows not to take taxpayer cash to cover wages
Furlough pledge: Funding Circle has vowed not to take any taxpayer cash to cover the wages of its employees
Online lender Funding Circle has vowed not to take any taxpayer cash to cover the wages of furloughed employees.
The firm, which allows investors to pool their money and lend it to businesses, had furloughed a ‘small number’ of staff. It said: ‘Nearly all have since returned and we will not claim any money for this period from the Government.’
However, it did say it would cut around 85 jobs in the US. Pressure is rising on healthy firms to hand back taxpayer cash they planned to claim. British employers have furloughed 9.4m jobs since April, at a cost of £27.4billion so far to the Treasury.
But campaigners have been urging firms whose finances are strong enough to return the money.
Housebuilders Barratt, Taylor Wimpey and Redrow have committed to give back furlough money, while Persimmon opted not to use the scheme.
Funding Circle has also been lending money under the Government’s Coronavirus Business Interruption Loan Scheme.
Of the 53,536 loans approved under the scheme, totalling £11.49billion, it was responsible for around £400million.