During 2020, the government announced various loan schemes to provide financial support to businesses that were affected by the COVID-19 pandemic.
We have set out a summary of the main loans below:
The Coronavirus Business Interruption Loan Scheme (CBILS), delivered by the British Business Bank, was launched on 23 March 2020 to support businesses to access bank lending and overdrafts during the COVID-19 pandemic.
Applications for the CBILS closed on 31 March 2021.
The CBILS was extended on 16 April 2020 in the form of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) to support firms with a turnover of more than £250 million.
Applications for the CLBILS closed on 31 March 2021.
On 27th April 2020 the Chancellor announced further financial support during the COVID-19 pandemic in the form of a ‘Bounce Back’ Loan to support small businesses.
Applications for the BBLS closed on 31 March 2021.
On 3 March 2021, the Chancellor announced the successor to the Bounce Back Loans (‘BBLs’) and the Coronavirus Business Investment Loan Scheme (‘CBILS’) in the form of a new Recovery Loan Scheme (RLS) which allows businesses to borrow between £25,000 and £10 million, and asset and invoice finance between £1,000 and £10 million, up to the end of 2021.
The RLS opened for applications on 6 April 2021 and will close on 31 December 2021 (subject to review)
You can find all of our previous articles on the above Schemes to the left of this page.
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, was launched on 23 March 2020
The Chancellor announced on 16th April that the Coronavirus Business Interruption Loan scheme is to be extended to large businesses.
Today, 3rd April 2020 the Chancellor Rishi Sunak has revealed the urgently awaited overhaul to the Coronavirus Business Interruption Loan