The eligibility criteria for the UK-wide furlough scheme will remain unchanged and these changes will continue to apply to all Devolved Administrations. Extending the scheme until the end of April means businesses across the country will have certainty about what support will be available to them.
The Government-guaranteed COVID-19 business loan schemes will also be extended until the end of March. This includes the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and the Coronavirus Large Business Interruption Loan Scheme which had all been due to close in January.
Looking forward it has also been confirmed that the Budget will be on the 3 March 2021 where the Government will set out the next phase of the plan to tackle the virus and protect jobs.
While our loan schemes have provided a vital lifeline to millions of firms across the country, we know that business owners need additional certainty as we head into the New Year. Extending government-backed loan schemes will give companies right across the UK the finance they need to support, protect and create jobs as we build back better from the pandemic.
What loan schemes are available to businesses?
For more information on financial support during the Coronavirus pandemic, the Government website provides a summary of what is currently available, including the Bounce Back Loan Scheme and the Business Interruption Loan Scheme mentioned above.
