Stephen Pegge, managing director of commercial finance at UK Finance, said:
“The UK’s banking and finance industry continues to support businesses of all sizes across the country to help them through these challenging times.
“As this year draws to a close, over 1.5 million businesses are supported by a government-guaranteed loan scheme with funds totalling over £68bn, demonstrating the unprecedented level of assistance provided to UK enterprises.
“As the impact of the pandemic continues to be felt by businesses across the country and particularly in areas facing greater restrictions, the Chancellor’s announcement that the application deadline for the schemes is being extended to the end of March 2021 will give more time for firms to access the finance they need. In addition, SMEs can also ‘top-up’ their Bounce Back Loan to the maximum value of £50,000, or 25% of their turnover if lower.
UK Chancellor Extends COVID Loan Schemes, Over 1.5 million UK Businesses Supported So Far
UK Chancellor of the Exchequer
Rishi Sunak has extended the government-guaranteed Covid-19 business loan schemes until the end of March. The announcement was joined by confirmation that the furlough scheme has been extended until the end of April 2021.
The Chancellor said:
“Our package of support for businesses and workers continues to be one of the most generous and effective in the world – helping our economy to recover and protecting livelihoods across the country.”
Businesses will be given until the end of March to access the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS), and the Coronavirus Large Business Interruption Loan Scheme (CLBILS). These programs had been due to close at the end of January.