Recovery Loan Scheme

  • The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the Covid-19 pandemic
  • The scheme is to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period.  Up to £10 is available per business.  The actual amount offered and the terms are at the discretion of the participating lenders.
  • The government guarantees 80% of the finance to the lender.  As the borrower you are always 100% liable for the debt.  The scheme is open until 31 December 2021, subject to review.
  • Loans are available through a network of accredited lenders listed on the British Business Bank's website.
  • You can apply for a loan if your business is trading in the UK.  You will need to show that your business would be viable were it not for the pandemic, has been adversely impacted by the pandemic and is not in collective insolvency proceedings (unless your business is in scope of the North Ireland Protocol in which case different eligibility rules may apply).
  • Businesses that received support under the earlier Covid-19 guaranteed loan schemes are still eligible to access finance under this scheme if they meet all other eligibility criteria.
  • For more detail and how to apply visit

Bounce Back Loan (BBL)

  • This scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover.  The maximum loan available is £50,000.
  • Scheme is open to applications until 31 March 2021.
  • Government guarantees 100% of the loan.
  • No repayments, fees or interest due for the first 12 months.  After the first 12 months the interest rate will be 2.5% a year.
  • If you already have a Bounce Bank Loan but borrowed less than you were entitled to, you can top up your existing loan to your maximum amount.  You must request the top up by 31 March 2021.

Coronavirus business interruption loan scheme (CBILS)

  • The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller business affected by coronavirus (COVID-19).
  • Scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
  • Government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
  • Scheme is open until 31 March 2021.
  • Eligible to apply if business is UK based and has annual turnover of up to £45 million.

Self Employed Income Support Scheme (SEISS)

  • If you're self employed or a member of a partnership and have been impacted by coronavirus (COVID-19) you may be eligible to use this scheme to claim a grant.
  • The Self-Employed Income Support Scheme (SEISS) has been extended.  If you were not eligible for the first and second grant based on the information in your Self Assessment tax returns you will not be eligible for the third.
  • The online service to claim the third grant is open - if you're eligible you must make your claim for the third grant on or before 29 January 2021.
  • You cannot claim the grant if you trade through a limited company or a trust.

Additional financial support for businesses

  • Repayment of statutory sick pay - the Coronavirus Statutory Sick Pay Rebate Scheme (CSSPRS) will repay employers the statutory sick pay paid to current or further employees.  Further guidance and how to make a claim available here
  • Insurance - Businesses that have insurance for a pandemic can claim. 

Coronavirus Job Retention Scheme (CJRS)

  • If you cannot maintain your workforce because your operations have been affected by coronavirus (COVID-19) you can furlough employees and apply for a grant to cover a portion of their usual monthly wage costs where you record them as being on furlough.
  • Claims for furlough days in May 2021 must be made by 14 June 2021.
  • Any entity with a UK payroll can apply, including businesses, charities, recruitment agencies and public authorities.

Top up to local business grant funds schemes

  • The Additional Restrictions Grant (ARG) provides local councils with grant funding to support closed businesses that do not directly pay business rates as well as businesses that do not have to close but which are impacted.  In addition, larger grants can be given than those made through LRSG (Closed).  Local councils can determine which businesses to target and the amount of funding from ARG.  More information available at