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 31 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
Figures published recently by HM Treasury show that over 1.6 million businesses across the country have been supported with a total of over £70 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 83,000businesses 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 87,000 businesses have now secured facilities through the CBIL scheme, while the Coronavirus Large Business Interruption Loan Scheme has allowed 696 larger firms to access almost £5 billion worth of support.
If you have been deferring applying for any of the loan schemes and think the effects of this latest lockdown create 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.
(Figures last updated 28 January 2021)