Loan & Grant Schemes - update
The 3 different Government-backed loan schemes were originally due to close at the end of January, but their deadline has been moved to 31 March 2021 instead.
- Bounce-back loans provide up to £50,000 interest-free for a year, with no repayments required during that period.
- The coronavirus business interruption loan scheme, offering loans of up to £5 million to UK-based businesses with an annual turnover of up to £45 million.
- The coronavirus large business interruption loan scheme, for firms with a turnover of £250 million or more.
From March 2021
The Government says more support will be available after March, in the form of a “successor loan scheme”.
The details of this scheme and other COVID-19 support will be delivered in the Budget, set to take place on 3 March 2021.
Most local authorities have Discretionary Grant Schemes – make sure you see what they are offering on their website.