Government Loans extended to 31 January 2021
Applications for the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS) will now be open until 31 January 2021, a two month extension to the original deadline of 30 November 2020.
The schemes provide businesses of various sizes with government-backed loans to help them weather the Covid-19 pandemic.
Small businesses which borrowed less than the maximum 25 per cent of their turnover (up to £50,000) under the BBLS – which is 100 per cent government-backed – will be able to apply for a top-up to their current loan under the new rules.
The top-up option will be available from next week and firms will only be able to use it once, and you must apply to the same lender.