Important changes to the Coronavirus Business Interruption Loan Scheme
Posted on 6th April 2020 at 16:46
Relentless lobbying has resulted in positive changes to the Coronavirus Business Interruption Loan Scheme (CBILS) which in my view will prove to be a vital part of the Government support package to help small to medium sized businesses to trade through this crisis.
I have received the following update from the Cabinet Office via my connection with the Sheffield City Region Growth Hub:
The Government has taken further action to support firms affected by the coronavirus crisis by bolstering business interruption loans for small businesses and announcing a new scheme for larger companies.
Extended Coronavirus Business Interruption Loan Scheme (CBILS)
The Government has extended the CBILS so that all viable small businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time.
The government is also stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals. The government will continue to cover the first twelve months of interest and fees.
I recommend that you read the detailed guidance contained in the link above and if you think your business will require additional funds I suggest you contact your bank as soon as possible as the demand will be high and processing times are expected to be in the range of 4-8 weeks.
The quality of your submission will be paramount in achieving a positive outcome and I am available to help you to put your submission together.
Please get in touch if you want any help or support with your ongoing planning.
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