Business interruption loan scheme

Mar 23, 2020 | COVID-19

The scheduled 5pm press conference was cancelled and the Prime Minister instead addressed the nation at 8:30pm announcing, to all intents and purposes, a total lockdown of the UK. Movements are to be restricted and non-essential shops are to close.

This means expected clarifications on how businesses can access support are likely to be delayed until later in the week. As scheduled, however, the British Business Bank has published ​comprehensive details​ of how the coronavirus business interruption loan scheme (CBILS) can be accessed.

Eligibility: ​an SME must be UK-based with annual turnover of no more than £45m and have a proposal which would be considered viable by the lender under normal circumstances.

Types of finance available: ​Term loans, overdrafts, asset finance, invoice finance.

How to apply: ​via one of the ​accredited lenders on this list​. In the first instance, the British Business Bank is urging businesses to apply online and asking those who don’t need emergency finance to ‘consider the urgency of your need’. More detail is available here.

In other news, ​Companies House​ has confirmed that, in line with its existing rules, firms that were unable to file accounts on time can apply for a deadline extension, with an automatic two-month extension for those in isolation. There’s more information on that ​at AccountingWEB​.

Arrange a consultation

If you’d like to discuss your business needs and explore how our accountancy and advice services might answer them get in touch to schedule a free initial consultation meeting.