Uppercut
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That's exactly what it isn't. The origin of the policy was:Yeah but come on, reading between the lines that's exactly what it is.
1. Government wants social distancing
2. But businesses that close for public health reasons lose out to businesses that put the public at risk
3. Furlough scheme allows businesses to close without either losing out or laying off staff
If the scheme only applied to businesses that are performing poorly, then it wouldn't work, because successful businesses would stay open and spread the virus. So they made it universal. It has nothing to do with bankruptcy protection. If that was the goal they'd have done something completely different.
Maybe it's becoming increasingly understood as a way of propping up businesses, and I can see the government adding in some means-testing so that that's what it becomes. But as of today it's definitely not what it is, either in letter or in spirit.