A layoff is permanent, and even if the position is reinstated, you have no claim to get your old job back.

A furlough is meant to be temporary and some benefits may contain to be paid out. If the company starts bringing people back in, those on furlough will be rehired first if still available.

That said, if the company doesn't recover fast enough or goes under entirely, there's no difference in practice.

A furlough is a temporary layoff

Main difference is a furlough means your job might come back, and usually you keep benefits like insurance.

Furlough also allows access to unemployment benefits, since you're still not getting paid

furlough = leave without pay, often company continues paying for benefits. Sometimes for indefinite period of time.

lay-off = terminating employment relationship.

as I understand it the big thing is retaining benefits - not that it matters if you can't pay rent. But given the US healthcare system, getting any ailment without coverage is more or less guaranteed to bankrupt you, so furlough is better than nothing I guess?

Seems like some employees getting furlough can keep some benefits such as health insurance?