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More than 1.5 million Bounce Back loans have been taken out since the coronavirus (COVID-19) support scheme was launched last May, with borrowing by businesses now over £46 billion, according to the Treasury.
The existing loan structure is set to be replaced in April with a new Coronavirus Recovery Loan Scheme, although application details have still not been released. Applications will be open from 6 April, the Treasury has confirmed.
The Recovery Loan Scheme will run until 31 December 2021 and will ensure viable businesses can access government-backed finance throughout 2021 following the disruption caused by the pandemic.
The Treasury’s final monthly update on its emergency loan schemes – the Bounce Back Loan Scheme (BBLS), Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the Coronavirus Business Interruption Loan Scheme (CBILS) – shows that more than 1.6 million firms benefited from support to keep them trading.
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