Recovery Loan Scheme ending 30 June

8th April 2022 | News

What is the Recovery Loan Scheme?

The Recovery Loan Scheme (RLS) is currently available to businesses who may need support to access loans and other kinds of finance so that they can recover following the COVID-19 pandemic and resulting transition period.

The RLS was launched on April 6th 2021 and replaced the Bounce Back Loan scheme and Coronavirus Business Interruption Loan Scheme, which are both now closed for applications.

Am I eligible?

Businesses that are eligible to apply for the loan must be small or medium sized enterprises and trade in the UK.

Further specific criteria needs to be met in order for a business to be considered for a loan under the terms of the scheme.

The conditions are as follows:

  • The business would be viable were it not for the pandemic
  • The business has been adversely impacted by the pandemic
  • The business is not in collective insolvency proceedings (unless in scope of the Northern Ireland Protocol in which case different eligibility rules may apply)

Businesses that received support under the earlier COVID-19 guaranteed loan schemes are still eligible to access finance under this scheme, providing they meet all other eligibility criteria.

What does it entail?

The maximum amount of finance available will be up to £2 million per business and the guarantee coverage that the government will provide to lenders has been reduced to 70% from 80%, as of 1st January 2022.

Please be advised that the Recovery Loan Scheme is due to end on 30th June 2022.

Therefore, if you wish to apply for a loan, it would be sensible to do this sooner rather than later.

Lenders that are accredited to offer Recovery Loans can be found on this list on the British Business Bank website.

As always, if you would like any further information regarding the above, please feel free to contact our offices by email

Williamson & Croft is a market leading accountancy, advisory and tax firm with particular specialisms in property, construction, retail, digital and creative, technology and professional services.

Global Association


Employment Allowance increased as of April 2022

In the Spring Statement in March, Chancellor Rishi Sunak introduced several new measures to help the public combat the current cost-of-living crisis. One of these measures was the boost to Employment Allowance for UK families and businesses. What is Employment...

Trust Registration – Registrable Express Trusts

UK express trusts and some non-UK trusts in existence on or after 6th October 2020 must be registered with the UK Trust Registration Service (TRS) by 1st September 2022.  On 6th October 2020, as part of the UK’s implementation of the Fifth Money Laundering Directive...


0161 399 0121

York House, 20 York Street, Manchester, M2 3BB

0151 303 3112

Avenue HQ Liverpool, 17 Mann Island, Liverpool L3 1BP

Contact us

© Copyright 2020 Williamson & Croft LLP - Registered No OC402211