Closing dates announced for Government's Coronavirus financial support schemes
NOTE: This article was edited 23/09/20 as the Chancellor of the Exchequer extended the Government’s three Coronavirus business interruption loan schemes - the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CBILS), the Bounce Back Loan Scheme (BBLS) - and the Future Fund. The extension aligns all the end dates of the schemes to 30 November. 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 six months until 30 September (CBILS and Future Fund), 20 October (CBILS), and 4 November (Bounce Back Loan Scheme).
Cumbria’s Business and Economic Response and Recovery Group (BERRG) is encouraging businesses to consider whether Government-backed business finance could benefit their business, before these schemes close.
Time is now running out to apply for the series of financial schemes that were introduced by government to support business affected by COVID-19. These schemes provided support to businesses across the board from micro to large businesses.
The closing dates for applications on four financial schemes have now been announced, as follows:
| Government scheme | End date |
|---|---|
| Coronavirus Business Interruption Loan Scheme (CBILS) | Monday, 30 November 2020 |
| Coronavirus Large Business Interruption Loan Scheme (CLBILS) | Monday, 30 November 2020 |
| Future Fund | Monday, 30 November 2020 |
| Bounce Back Loan (BBL) | Monday, 30 November 2020 |
Businesses that need financial support are advised to look into the four schemes before each of these close. The details of these schemes, together with the full range of business support measures available to UK businesses can be accessed online at: https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19
The Government’s furlough scheme – the Coronavirus Job Retention Scheme (CJRS) – is also coming to a close on 31 October 2020.
Jo Lappin, Chief Executive of Cumbria Local Enterprise Partnership and Chair of BERRG, said: “Many businesses in Cumbria have benefitted from these four financial schemes. However, I am aware that a number of businesses were waiting a little while to see if they needed financial support to help them over the coming months. Now that the closing dates have been announced it’s important that businesses are aware of these.”