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This note focuses on the new Coronavirus Business Interruption Loan Scheme (CBILS) which is expected to be available during the week commencing 23 March.
At the time of writing it seems that some of the precise details are still being worked through. Nonetheless, in the interests of sharing information as we come across it, please follow the attached link to the British Business Bank (BBA) website for additional context and detail - click here to read.
This, together with access to your existing bank or finance provider website will hopefully start to set you on the right path to finding out more. No doubt these sites will be updated as the details start to settle. Indeed the Government have now said they will cover the first 12 months of interest rather than the first 6 months which they originally announced.
According to the BBA website, CBILS supports a “wide range of business finance products”, including:
The maximum value of a facility provided under the scheme will be £5 million. Full eligibility criteria is expected to be published this week.
Demand is expected to be high.
Clark Benefit Consulting Limited
"Our business was growing and our old accountants just weren’t able to offer the timely and proactive advice that we needed. Paul and Martin came highly recommended so we moved to Ashton Allsop. The difference was night and day and they had an immediate impact, they spotted issues not seen before and identified allowances we should have used from HMRC. We speak regularly, we work with them through Xero and other tools they make available and everything is made clear and understandable. We were so impressed that we’ve moved our bookkeeping and payroll and they now complete our R&D applications. They provide a fantastic service and have saved us so much time and money, whilst reducing our total accounting costs. We consider them an extension of our company and couldn’t work without them."
Stephen Hickey, CEO Digital Control Rooms