Chancellor Rishi Sunak said the Government’s decision to increase support will give businesses “certainty” over a “difficult winter”.
He said: “I’ve always said I would do whatever it takes to protect jobs and livelihoods across the UK – and that has meant adapting our support as the path of the virus has changed.
“It’s clear the economic effects are much longer lasting for businesses than the duration of any restrictions, which is why we have decided to go further with our support.
“Extending furlough and increasing our support for the self-employed will protect millions of jobs and give people and businesses the certainty they need over what will be a difficult winter.”
What changes have been made to Bounce Back Loans?
Originally the Bounce Back Loan Scheme was open for applications until November 30, 2020.
However the Government has now extended the scheme, and it will be open for applications until January 31, 2020.
In addition, people who did not claim the full 25 percent of their turnover, or the maximum of £50,000, can now top-up their Bounce Back Loan.
If you are eligible to apply, there are 28 lenders participating in the Bounce Back Loan Scheme.
You have to directly approach a lender yourself via their website.
The Government website has a ‘find a lender’ checker available HERE.
After you have filled in a short online form, and self-declared that you are eligible for a Bounce Back Loan, the lender will decide if they will offer you a loan.
The Government website states “if one lender turns you down, you can apply to other lenders in the scheme”.