Extension of Coronavirus Business Loan Schemes

The Coronavirus Large Business Interruption Loan Scheme

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to larger businesses affected by coronavirus (COVID-19).

The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million.

The government guarantees 80% of the finance to the lender and recently announced that the scheme will be extended and is open to applications until 31 January 2021.

See:  https://www.gov.uk/guidance/apply-for-the-coronavirus-large-business-interruption-loan-scheme?utm_source=61b117b3-7089-44f5-829b-af84c68c4fc9&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate

Bounce Back Loans

The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.

The scheme has been extended and is now open to applications until 31 January 2021.

See: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan?utm_source=c7cea23d-a8b9-43df-a18c-104d4423f70c&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate

Coronavirus Business Interruption Loan Scheme

The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.

The scheme has been extended and is open until 31 January 2021.

See:  https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme?utm_source=63fd2f34-693e-4f1b-b01c-6c90370bc39f&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate