COVID-19 business loan schemes deadline to be extended With the number of coronavirus cases climbing, the government is set to extend the deadline for its four business loan schemes. Find out which schemes are affected here. Alec Hawley May 19, 2021 2 min read Our experts We are a team of writers, experimenters and researchers providing you with the best advice with zero bias or partiality. This article was authored by: Alec Hawley 23rd September update: It is now being reported that the government will not extend these deadlines as expected, and the announcement that was expected on Wednesday (23rd September) has now been delayed.However, more government support is expected to be announced soon, and this package of support measures is likely to include both an extension to these loan scheme deadlines and more specific measures to assist businesses and individuals struggling with reduced amounts of work. As fears of a second wave of coronavirus grow, the government is set to announce an extension to its flagship COVID-19 business loans scheme, in order to further support businesses that could be affected by further restrictions or, potentially, even another national lockdown.This piece will explain which schemes are affected, and exactly what has changed. Which business loan schemes are going to be extended? How do I apply for a coronavirus business support loan? Key points for your small business Which business loan schemes are going to be extended?While, at the time of writing, the precise details of the extension have not been announced, according to reports in the Guardian and Financial Times, the deadline for all three business loan schemes targeted at SMEs will be extended.The Coronavirus Bounce Back Loan Scheme (BBLS) – This gives small businesses loans of up to £50,000, with no interest charged for the first yearThe Coronavirus Business Interruption Loan Scheme (CBILS) – This gives businesses loans of up to £5m, with no interest charged for the first yearThe Coronavirus Future Fund – This provides convertible loans of between £125,000 and £5m to “innovative” UK businessesThe previous BBLS deadline was 5 November 2020, while the other two schemes were set to close for applications at the end of September 2020.Now, all three schemes will be open for applications until 30 November 2020. How do I apply for a coronavirus business support loan?The precise application process for a coronavirus business support loan depends on which loan you’re applying for, but all the relevant information and application links can be found via the government’s financial support for businesses during coronavirus page. Key points for your small businessThe deadline for the bounce back, coronavirus business interruption and future fund loan schemes is set to be extended to 30 November 2020.Eligible businesses should apply via gov.uk Share this post facebook twitter linkedin Alec Hawley Alec is Startups’ resident expert on politics and finance. He’s provided live updates on the budget, written guides on investing and property development, and demystified topics like corporation tax, accounting software, and invoice discounting. Before joining, he worked in the media for over a decade, conducting media analysis at Kantar Media and YouGov, and writing a wide variety of freelance pieces.