October 21st, 2021.
Chancellor Rishi Sunak will extend the Covid Recovery Loan Scheme for businesses for another six months, according to Bloomberg.The Chancellor is expected to announce the six-month extension to the Recovery Loan Scheme in the Budget on October the 27th.
The scheme was launched in April as a bridge between the more generous Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme and regular bank lending. It was made clear at the time that the deadline would be the end of the year, subject to a review.
It provides credit worth up to £10m and comes with an 80 per cent government guarantee for lenders.
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