Covid-19

Coronavirus emergency loan schemes extended

18 Dec 2020

Chancellor Rishi Sunak plans to extend the government-guaranteed emergency loan schemes and furlough scheme to provide further financial help to UK businesses impacted by the pandemic.

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On Thursday 17 December, Chancellor Rishi Sunak confirmed plans to extend the UK’s £68bn coronavirus emergency loan schemes to the end of March. The programme was due to end in January. 

It includes the £43.5bn Coronavirus Bounce Back Loan Scheme (BBLS) and the £19.6bn Coronavirus Business Interruption Loan Scheme (CBILS), both of which are designed to help SMEs mitigate the impact of COVID-19. 

In addition, the £5bn Coronavirus Large Business Interruption Loan Scheme (CLBILS) is being extended to the end of March and the furlough scheme, which pays 80 per cent of furloughed staff’s wages, is being extended by a month until the end of April. 

The government is also planning a long-term successor to the three business support schemes. This is expected to be delayed until after March. 

Covid loans extended2

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Simon
Simon Cureton

Chief Executive Officer

Simon has been Chief Executive Officer at Funding Options since 2019, spearheading its transformation into a leading fintech with the launch of its Funding Cloud platform. Simon has over 27 years of experience in financial services, having held senior posts at some of the biggest players in the industry all over the world.

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