Changes to Coronavirus Business Loans

With new CBILS applications set to close on 30 September 2020, the Government have announced a number of changes to support UK businesses though the second wave.

Coronavirus Business Interruption Loan Scheme lenders will now be able to extend the length of loans from the current maximum of 6 years to 10 years.

Businesses who are struggling can choose to make interest only payments for six months and those “in real trouble” can apply to suspend repayments altogether for six months.

The chancellor is also extending the deadline for the Government’s coronavirus loan schemes to the end of November 2020.

The smaller, easier to obtain Bounce Back Loans will be extended from 6 years to 10, cutting monthly repayments by nearly half.