The Government has announced plans to extend the application deadline for loan guarantee schemes to the end of January 2021. This is for the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and Coronavirus Large Business Interruption Loan Scheme.
The extension will give businesses two extra months to make loan applications, relative to the current deadline of 30th November.
The Government has also adjusted the Bounce Back Loan Scheme rules to allow those businesses who have borrowed less than their maximum (i.e. less than 25% of their turnover) to top-up their existing loan.
To date, businesses across the UK have benefitted from 1,410,037 government-guaranteed loans worth £61.9 billion to support their cashflow during the crisis through schemes delivered by the British Business Bank.
If you have been deferring applying for any of the loan schemes and think the latest lockdown creates the time to act, please contact us. Equally, if you already have a government-backed loan in place and need guidance on applying for a top-up, one of our approved advisers will be pleased to help you.
HM Treasury, Press Release