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23 Sep 20201 minute read

Chancellor to extend emergency loans

ECAtoday
Chancellor to extend emergency loans

Following the launch of new lockdown restrictions after a rise in coronavirus cases, Chancellor Rishi Sunak is expected to extend emergency COVID-19 business loan schemes until the end of November.

Most existing loan programmes were set to expire at the end of September, with the Bounce Back scheme due to expire at the beginning of November.

All emergency schemes could be extended until the end of November, according to the Guardian, while banks will be allowed to process loans until the end of the year.

Almost £53bn of government-backed loans have been awarded by commercial banks to businesses so far, with the Treasury guaranteeing 80 per cent of the value of the loans.

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