Coronavirus Loan Schemes

The Government has extended the three coronavirus business interruption loan schemes - the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the Bounce Back Loan Scheme (BBLS).

As the schemes were announced at different times, they previously had different closing dates, with each scheme originally open for applications for a period of 6 months. The extension aligns the end date for applications for the schemes to 30 November 2020.
 
Ashgates has assisted several clients with successful applications so far and can assist you in this process. If you require advice or assistance, please contact us.
 
Extension of Repayment Terms
 
The Government also announced an extension to the repayment terms for BBLS and CBILS.
 

• BBLS repayments will be converted into “Pay as You Grow”, allowing businesses to extend the length of their BBLS loans from six to ten years.
• CBILS lenders will be given the ability to extend the length of loans from a maximum of six years to ten years “if it will help the business repay the loan”.

 
We expect more details to be released on the extension of repayment terms including how existing terms can be extended and are monitoring further Government announcements and will update accordingly.
 
We are here to help so please contact us if you wish to discuss any of the above.