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Responding to the Treasury's announcement that the deadline for applications to the government-backed lending schemes has been extended until 31 January 2021, Stephen Pegge, Managing Director of Commercial Finance at UK Finance, commented:
?The banking and finance industry is providing unprecedented support to help businesses throughout these tough times, with over 1.4 million firms receiving financing so far under the government-backed lending schemes. ?The extension of the application deadline to January 31 2021 will provide additional time to enable more businesses to access the finance they need, including those impacted by the latest lockdown restrictions. ?In addition, firms that have not yet borrowed their maximum under the Bounce Back Loan scheme will be able to top up their loan should they need more finance to help them through the difficult weeks ahead. "We now look forward to working with the Treasury and British Business Bank to finalise the details of these changes over the coming week."
?The banking and finance industry is providing unprecedented support to help businesses throughout these tough times, with over 1.4 million firms receiving financing so far under the government-backed lending schemes.
?The extension of the application deadline to January 31 2021 will provide additional time to enable more businesses to access the finance they need, including those impacted by the latest lockdown restrictions.
?In addition, firms that have not yet borrowed their maximum under the Bounce Back Loan scheme will be able to top up their loan should they need more finance to help them through the difficult weeks ahead.
"We now look forward to working with the Treasury and British Business Bank to finalise the details of these changes over the coming week."
<ol><li>More information on the Treasury's announcement can be found <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.g…. </a>The application deadline for the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and Coronavirus Large Business Interruption Loan Scheme is being extended until 31 January 2021.</li> <li>The Treasury also announced that rules of the Bounce Back Loan Scheme will be adjusted to allow those businesses who have borrowed less than their maximum (i.e. less than 25 per cent of their turnover) to top-up their existing loan. Businesses will be able to take-up this option from next week and they can make use of this option once.</li> <li>These schemes are part of a broad package of measures from the industry to support businesses, including commercial lending, capital repayment holidays, extended overdrafts and invoice finance facilities.</li> <li>It is important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.</li> <li>The banking and finance industry has put in place a clear plan to help Britain through:</li> </ol><ul><li>2.5 million <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… payment deferrals</a></li> <li><a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u… million interest-free overdrafts</a> offered, 1.13 million payment deferrals on credit cards and 793,000 payment deferrals on personal loans</li> <li>£61.9 billion of lending to over 1.4 million businesses through government Covid-19 lending schemes</li> <li>Protecting customers from <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… and fraud</a></li> <li>Higher limit for<a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c…; contactless payments</a></li> </ul>
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