Coronavirus Business Interruption loan
The government has extended the deadline by 30 days for the state-backed loans to medium and large sized businesses in an extension of Covid-19 support packages until 30th November 2020.
The British Business Bank wrote to lenders last week to say that applications for the Covid-19 business interruption loan scheme had to be in by midnight on September 30th 2020, but that they allowed two more months to consider the cases; pushing the deadline for the final approval to November 30th 2020.
The bank said yesterday that it had given “an update clarifying the closing of applications”. Some lenders interpreted this as an extension of the loans, which may be the first step in a move to keep the schemes open into next year.
Bounce Back Loans
The bounce-back loan scheme is aimed at smaller businesses and is due to end on November 4th 2020. Unlike CBILS, no extra time has been allowed for approvals of bounce back loans as they were designed in a way as to complete the process speedily, with minimal affordability checks.
Almost £52 billion has been lent under the schemes, including £35 billion in bounce back, £13.4 billion in CBILS and £3.4 billion in larger CBILS.
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