Following the decision to impose a second lockdown across England the UK Treasury has once again extended the package of business loan support available to affected companies.

UK firms will now have until the end of January 2021 to apply for emergency business loans, including Bounce Back Loans (BBLS), Coronavirus Business Interruption Loans (CBILS) and the CLBILS scheme designed for larger companies. This provides an additional 2 months for applications to be submitted beyond the previous deadline of 30th November. The extension also applies to the Future Fund which is aimed principally at UK start-ups.

Making the announcement via Twitter, the Chancellor, Rishi Sunak said, “To help more businesses access additional support, deadlines for applications to our government-backed loan scheme and the Future Fund have been further extended until 31 January 2021”.

For more details on CBILS or BBLS, including key features and obligations of the schemes plus how we can help you apply please contact Primary Finance Group, or visit the British Business Bank website:

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/

Please note that CBILS provides a lender with a government-backed guarantee (at 80% of the outstanding loan balance) – the borrower remains fully liable for the debt.

The BBLS scheme gives the lender a full (100%) government-backed guarantee against the outstanding balance of the facility (both capital and interest) – the borrower remains fully liable for the debt.

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