COVID-19 BUSINESS BRIEFING – INTERIM UPDATE
We are sending out this update in order to give businesses notice of changes to the Coronavirus Business Interruption Loan Scheme (CBILS) as quickly as possible. Banks are likely to receive many applications and the new expanded scheme went live from Monday the 6th April so, if you wish to access it, you may wish to contact your bank as soon as possible to discuss.
The Chancellor has today announced an overhaul of the emergency small business loan scheme, amidst reports of businesses having difficulties accessing it, and only 1,000 businesses agreeing funding from 130,000 inquiries.
The main changes are:
- The scheme is now available to all viable small businesses affected by COVID-19, not just those unable to secure regular commercial financing
- Lenders are banned from requesting personal guarantees for loans under £250,000
- Operational changes aimed at speeding up approvals
- The government will continue to cover the first 12 months of interest and fees
You can find the announcement here.
If you are a business attempting to access this, and continue to experience issues, please do let us know so that we can lobby appropriately.