Simple Liquidation blog

The COVID-19 pandemic brought unprecedented challenges to businesses worldwide, leading to significant financial stress for many. In response, the UK government introduced various support measures, one of which is the Recovery Loan Scheme (RLS). Designed to help businesses recover and grow, the RLS offers loans to businesses of all sizes. But how do you know if your business is eligible for this scheme? This article, brought to you by Simple Liquidation, one of the UK's top five most appointed insolvency practices, will guide you through the eligibility criteria and application process for the Recovery Loan Scheme. Understanding the Recovery Loan Scheme The Recovery Loan Scheme was launched to support businesses as they recover from the pandemic. It aims to provide financial support for businesses to help them manage cash flow, invest in new opportunities, and plan for the future. The scheme provides loans ranging from £25,001 to £10 million per business, with terms of up to six y...

In April 2021, the government launched a new loan scheme to help businesses recover from Covid-19. In partnership with a number of financial institutions, the Recovery Loan Scheme (RLS) helps companies that have been affected by Covid-19 with funds being made available to assist them with cash flow, investment in equipment or staff and business growth. The scheme is open to all businesses even if they had already taken advantage of other government loan schemes, including: ● The Coronavirus Business Interruption Loan Scheme (CBILS); ● The Bounce Back Loan Scheme (BBLS); and ● The Coronavirus Large Business Interruption Loan Scheme (CLBILS). Whilst it was set to end on 31st December 2021, Chancellor Rishi Sunak announced in the Autumn Budget that the RLS would be extended to 30th June 2022. However, from 1st January 2022, there will be some changes to eligibility. So, if you’re struggling to recover after Covid-19, is your business eligible for the Recovery Loan Scheme?