The government has announced plans to extend the application deadline for loan guarantee schemes – that is, the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and Coronavirus Large Business Interruption Loan Scheme – to the end of January 2021. This 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.
HM Treasury, Press Release