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ARTICLE · 28 MAY 2021

Recovery Loan Scheme

Stevens & Bolton
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The government announced in the budget yesterday that a new debt finance programme, the Recovery Loan Scheme (RLS), will be launched on 6 April 2021 to replace the Bounce Back Loan Scheme (BBLS)...

United KingdomFinance and Banking
Andrew Dodds
Andrew Dodds
Toby Cooper
Toby Cooper

The government announced in the budget yesterday that a new debt finance programme, the Recovery Loan Scheme (RLS), will be launched on 6 April 2021 to replace the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS), which close at the end of this month.

The RLS aims to help businesses affected by Covid-19. It can be used for any legitimate business purpose, including managing cashflow, investment and growth and is scheduled to run until 31 December 2021. The RLS operates in largely the same way as the existing support measures (which we summarised in a previous alert available here), with the government guaranteeing 80% of the loan to the lender. But there are some important differences, which we highlight below.

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