Government extends coronavirus business loan schemes

By Liz Wells in Industry News 3rd November 2020

The government has extended its coronavirus business support loan schemes ahead of England entering a second lockdown on Thursday (5 November).

Applications for the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and Coronavirus Large Business Interruption Loan Scheme will now be open until 31 January.

In addition, small businesses that have borrowed less than the maximum 25% of their turnover (up to £50,000) under the Bounce Back Loan Scheme will be able to apply for a top-up to their current loan from next week.

Stephen Pegge, managing director of commercial finance at UK Finance, said: “The banking and finance industry is providing unprecedented support to help businesses throughout these tough times, with over 1.4 million firms receiving financing so far under the government-backed lending schemes.

“The extension of the application deadline to January 31 2021 will provide additional time to enable more businesses to access the finance they need, including those impacted by the latest lockdown restrictions.”