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Government Loan Schemes

Update 18/12/2020

Businesses will be given until the end of March 2021 to access the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and the Coronavirus Large Business Interruption Loan Scheme. These had been due to close at the end of January.

Changes to State Aid Rules

Changes to state aid rules as a result of UK Government and industry lobbying mean that more small businesses can now benefit from loans of up to £5 million under the Coronavirus Business Interruption Loan Scheme (CBILS).  Previously businesses which were classed as 'undertakings in difficulty' were unable to access CBILS because of EU rules. Businesses in this category and which have fewer than 50 employees and a turnover of less than £9 million can apply to CBILS.

Bounce Back Loan Scheme

Update 13/11/2020 - New Options Available

New options are available to top up existing loans, extend the loan period, make interest-only repayments, or pause repayments. The scheme is open to applications until 31 January 2021. If businesses already have a Bounce Back Loan but borrowed less than they were entitled to, they can top up existing loan to their maximum amount. They must request the top-up by 31 January 2021. For more information about the scheme click here.

The Bounce Back Loans scheme, allows businesses to borrow between £2,000 and £50,000 and access the cash within days. Loans are interest free for the first 12 months and businesses can apply online through a short and simple form. 

The Government, under the scheme, will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months. 

Firms will be able to access these loans through a network of accredited lenders.

This scheme runs alongside the existing Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS).

Coronavirus Business Interruption Loan Scheme - CBILS (through the British Business Bank)

This scheme is focused on small and medium sized businesses with a turnover of up to £45 million to access loans of up to £5 million. It is open for applications

Full guidance and details of how to apply can be found here.

Coronavirus Large Business Interruption Loan Scheme - CLBILS

This scheme is open to businesses with turnover of between £45 million and £500 million to access loans of up to £25 million. 

Full guidance and details of how to apply can be found here.

Coronavirus Commercial Liquidity Fund - CCFF

New lending facility agreed with the Bank of England Governor.

Full rules of the scheme and guidance on how to apply are on the Bank of England's website.

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