Businesses still have until 31 March 2021 to apply for a Bounce Back Loan, after the government extended the scheme on 17 December 2020. After this, you may be able to access the government's new Recovery Loan Fund, which launches on 6 April 2021 and was announced as part of the Spring Budget on 3 March, 2021. It replaces BBLS and the other government guarantee schemes when they close. and replaces BBLS and the other government guaranteed schemes. If you’re a small or medium-sized business affected by coronavirus you can borrow between £2,000 and £50,000 (capped at 25% of your turnover) under the government’s Bounce Back Loan scheme (BBLS). You can apply to accredited lenders with a simple form and can expect to have cash in the bank “within days”. If you’ve already taken out a Coronavirus Business Interruption Loan of £50,000 or less and you’d like to transfer this into the BBLS, you can arrange this with your lender. If you already have a Bounce Back Loan but you've borrowed less than you were entitled to, you can, from 10 November, top up your existing loan to your maximum amount. You must request the top-up by 31 March 2021. BBLS loans are backed by a 100% government guarantee, which means the government will cover the bank’s losses if a customer defaults on their loan. (The other government schemes are covered up to 80%.) The government has agreed with lenders that these loans will have a flat rate of 2.5% interest. It will pay the interest for the first 12 months and you also won’t have to make any capital repayments during this period. The loans are for six years but there are no early repayment fees. The Chancellor first announced the scheme on 27 April 2020.