Ahead of the UK Government imposing a second lockdown starting today, applications for its business support loan schemes have been extended until 31 January 2021.
Loans that have been extended include the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the Bounce Back Loan Scheme (BBLS) and the Future Fund. Firms will also be able to ¨top up¨ existing loans if they need additional finance.
Top up options will be available from next week, can only be used once and only applies to small businesses who have previously applied and borrowed less than the maximum 25% of their turnover which must be less than £50,000 under the Bounce Back Loan Scheme (BBLS).
Simon 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 31 January 2021 will provide additional time to enable more businesses to access the finance they need, including those impacted by the latest lockdown restrictions.
“In addition, firms that have not yet borrowed their maximum under the Bounce Back Loan scheme will be able to top up their loan should they need more finance to help them through the difficult weeks ahead.
“We now look forward to working with the Treasury and British Business Bank to finalise the details of these changes over the coming week.”