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- Coronavirus Large Business Interruption Loan Scheme will launch on Monday 20th April - Eligible businesses with turnover of more than £45m can apply for support - Businesses with turnover of over £250 million can borrow up to £50 million from lenders In addition to the Coronavirus Business Interruption Loan Scheme (CBILS) and the Covid Corporate Financing Facility, the government has outlined details of the Coronavirus Large Business Interruption Loans Scheme (CLBILS) – a measure designed to help more businesses access financial support.
17 Apr 2020
On March 23rd, the UK Government outlined strict new measures to limit the spread of coronavirus, stating that people should only leave the house to work where it is “absolutely necessary”. To help protect the NHS and save lives, the majority of us are replacing our desktops with laptops, our offices with online platforms like Skype and Zoom. Before the coronavirus pandemic, remote working was already on the rise around the world. In fact, research tells us that more than two-thirds of us have done it. However, there’s a significant difference between working flexibly one or two days a week and spending all our working (and living) hours within the confines of our home.
6 Apr 2020
The Coronavirus Business Interruption Loan Scheme (CBILS for short) provided SMEs experiencing revenue loss and cash flow disruption due to the COVID-19 pandemic with access to financial support of up to £5 million. Whilst the scheme is now closed, it was part of the UK government’s wider temporary and targeted support for businesses package and was administered through loans, overdrafts, invoice finance and asset finance. There is still support available for larger companies via the COVID-19 Corporate Financing Facility. Through this scheme, the Bank of England will buy short term debt from larger firms that are experiencing a short-term funding squeeze, enabling them to finance their short term liabilities.
1 Apr 2020
Dear Rishi Sunak MP, On behalf of the UK’s SMEs, entrepreneurs, and sole-traders, we want to thank you and your team for your tireless efforts to minimise the impact of COVID-19 on business. It’s a really tough time for business owners across the country, and the economic packages you’ve presented to date go a long way to mitigating their worries.
27 Mar 2020
It’s a challenging time for SMEs around the world as the economic impact of the Coronavirus pandemic starts to unfold. Global shares have taken a hit, interest rates have been cut and the OECD has downgraded its growth forecasts as factories close to help contain the virus. On Friday 20 March, Rishi Sunak, the Chancellor of the Exchequer, announced the first set of measures to help businesses impacted by COVID-19. The government has pledged support for businesses through the Coronavirus Business Interruption Loan Scheme and other temporary and targeted measures. These are designed to help companies manage cash flow during this difficult period through unlimited loans and guarantees. An initial £330 billion of guarantees will be made available, which is equivalent to 15% of UK GDP. Bear in mind some aspects of business support are devolved and differ in Scotland, Wales and Northern Ireland. Full information and relevant links can be found on the government's support for businesses page.
23 Mar 2020
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