Businesses looking for funding of more than £50,000 are pushing through applications as the deadline for the Coronavirus Business Interruption Loan Scheme (CBILS) approaches.
Launched in March 2020, CBILS will now end on 30 September 2020.
One of three COVID-19 business loan schemes created by the government, the scheme is aimed at helping companies who are struggling because of the Coronavirus lockdown.
What is CBILS?
However, as first outlined by Chancellor Rishi Sunak in his emergency budget, CBILS was only ever a temporary scheme.
But despite some criticism regarding delays in lending approval, 57,000 businesses have received £13.08bn (as of 10 August) through CBILS.
Bounce Back Loans
Smaller loans of up to £50,000 were introduced in April 2020, with the government guaranteeing 100% of them – meaning that while a business remains responsible for the repayment, the lender can ask the government to repay if the business fails to do so.
Over 1.1 million companies have taken a Bounce Back Loan (BBL) since its introduction, with four out of five being accepted.
The current end date for BBL is 4 November.