Coronavirus government loan scheme roundup

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The Chancellor of the Exchequer unveiled financial measures to help businesses affected by the Coronavirus.

Here is a roundup of government loan schemes still open to businesses.

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to larger businesses affected by Coronavirus.

The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million.

The government guarantees 80% of the finance to the lender.

The scheme is open to applications until January 31, 2021.

27 lenders have now signed up for the scheme*.

For further information or to apply click here.

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by Coronavirus.

The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.

The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.

The scheme is open until January 31, 2021.

117 lenders have now signed up for the scheme.

For further information or to apply click here.

The Coronavirus Bounce Back Loan enables smaller businesses to access finance more quickly during the Coronavirus outbreak.

The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover.

The maximum loan available is £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

After 12 months, the interest rate will be 2.5% a year.

The scheme is open to applications until January 31, 2021.

If you already have a Bounce Back Loan but borrowed less than you were entitled to, you can top up your existing loan to your maximum amount.

You must request the top-up by January 31, 2021.

29 lenders have now signed up for the scheme.

For further information or to sign up click here.