18 Dec 2020
Chancellor Rishi Sunak plans to extend the government-guaranteed emergency loan schemes and furlough scheme to provide further financial help to UK businesses impacted by the pandemic.
On Thursday 17 December, Chancellor Rishi Sunak confirmed plans to extend the UK’s £68bn coronavirus emergency loan schemes to the end of March. The programme was due to end in January.
It includes the £43.5bn Coronavirus Bounce Back Loan Scheme (BBLS) and the £19.6bn Coronavirus Business Interruption Loan Scheme (CBILS), both of which are designed to help SMEs mitigate the impact of COVID-19.
In addition, the £5bn Coronavirus Large Business Interruption Loan Scheme (CLBILS) is being extended to the end of March and the furlough scheme, which pays 80 per cent of furloughed staff’s wages, is being extended by a month until the end of April.
The government is also planning a long-term successor to the three business support schemes. This is expected to be delayed until after March.
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