Covid 19 loan repayment for businesses

Covid 19 loan repayment advice

In March 2020, at the start of the Covid-19 pandemic, Rishi Sunak’s announced emergency Covid bounce back loans would be available, which was aimed at small and medium-sized businesses to borrow up to £50,000. The government guaranteed 100% of the loans, and there were no fees or interest to pay for the first 12 months. Data reported have shown that coronavirus business loans in the UK  total £19 billion which has been utilised to support businesses through the pandemic. 

Businesses will face repayment of the coronavirus bank loans from March 2021 as the loans hit their one-year anniversary dates, and there are no current plans or announcement to extend the terms of the loans, despite the United Kingdom still being at the worst of the pandemic we have seen to date.  

As well as the coronavirus loan repayments starting in March, the furlough scheme, paying 80% or wages, is set to be withdrawn at the end of April. 

Worried about repaying your Covid 19 loan?

If you are worried about making these repayments when they become due, please reach out and speak to us at Westgates Restructuring on 01482 427175 or info@westgates.uk. Our experts are here to support you, providing you with confidential advice to look at your options.