COVID loan schemes extended to 31st March 2021

The Chancellor of the Exchequer has further extended the government’s three coronavirus business interruption loan schemes. The extension now means that the schemes will have an end date of 31st March 2021, rather than the 31 January as previously.

Businesses can apply for the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the Bounce Back Loan Scheme (BBLS) and Bounce Back Loan Scheme top-ups up until this date.

British Business Bank, Press Release 

 

Which government loan scheme am I eligible for? Check out our interactive guide.

 

Government backed loans soar past £68bn

Figures published yesterday by HM Treasury show that over 1.5 million businesses across the country have been supported with a total of over £68 billion in lending through government-backed coronavirus lending schemes. Over 34,500 small and micro businesses have accessed a Bounce Back Loan over the past month, with more than 1.4 million enterprises receiving finance through the scheme since it launched in May. This total includes businesses which have opted to top-up their Bounce Back Loans to the full £50,000, or a maximum of 25% of their turnover if lower. Over 82,000 businesses have now secured facilities through the CBIL scheme, while the Coronavirus Large Business Interruption Loan Scheme has allowed 675 larger firms to access almost £5 billion worth of support.

HM Treasury, Press Release 

If you have been deferring applying for any of the loan schemes and think speculation surrounding a post Christmas 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.


COVID loan schemes extended to 31st March 2021


By: Neil Edwards

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