Deadline to apply for government-backed loans extended to 31 January

The deadline for businesses to apply for government-backed coronavirus loan guarantee schemes has been extended until 31 January 2021 across all parts of the UK.

The Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and Coronavirus Large Business Interruption Loan Scheme were due to close to applicants on 30 November. But the cut-off date has been extended due to the four-week lockdown in England, which will see pubs, bars, restaurants and non-essential shops forced to shut from Thursday.

The Treasury has announced businesses will be able to ‘top-up' their bounce-back loans from next week if they have borrowed less than the maximum 25% of their turnover.

Operators can also access grants of up to £3,000 a month, based on their properties' rateable value.

And from November the government will double its support from 40% to 80% of trading profits for the self-employed.

Speaking in the Commons this afternoon Boris Johnson said he was truly sorry for the "anguish" the new measures would cause, but warned they were vital to stop the "remorseless advance of the second wave".

He said the lockdown would end on 2 December, when England would revert back to the tiered system ‘based on the data as it presents itself'.

Johnson said: "There is no right time to close pubs and restaurants but we hope this four-week lockdown will get the R [rate] down."