The Government announced some changes to the Small Business Cashflow (Loan) Scheme in November 2020.
No interest will be charged if the loan is repaid within 2 years. Currently, it is 1 year.
Restrictions on how the loan can be used have eased. As well spending on core operating costs, businesses will be able to choose to use the loan to invest in their business, helping it to adapt to the impact of COVID-19.
Also, applications for the loan can now be made until 31 December 2023, an extension of 3 years.