Starling, the digital bank, has been accredited by the British Business Bank as a lender under the government-backed Coronavirus Business Interruption Loan Scheme (CBILS). This will enable it to provide term loans between £5k and £250k to small and medium-sized enterprises (SMEs) that are struggling financially as a result of the coronavirus emergency. Starling will […]
By Nicky Goringe Larkin, Managing Director of Goringe Accountants On paper the Coronavirus Business Interruption Loan (CBILS) is an extremely attractive form of credit, backed by the government in the form of an 80% guarantee. Unfortunately, the likelihood of gaining access to one of these loans is notoriously low, with reports of less than 1% […]
The Coronavirus Job Retention Scheme is going live on the HMRC portal on 20th April. We caught up with Lucy Cohen, co-founder of Mazuma, the UK’s leading Online Accountants for small and micro businesses to find out what that means businesses need to do to be prepared: Lucy writes that: To claim, businesses will need: ePAYE reference […]
The British Chamber of Commerce’s weekly tracker poll, which serves as a barometer of pandemic’s impact on businesses and the effectiveness of government support measures, received more than 1,000 responses and is the largest independent survey of its kind in the UK. The second set of polling was conducted from 1-3 April and follows further […]
Launched on 23 March, today the Coronavirus Business Interruption Loan Scheme (CBILS) has been significantly expanded along with changes to the scheme’s features and eligibility criteria. Updated scheme features No personal guarantees for facilities under £250k: Personal guarantees of any form cannot be taken under the scheme for any facilities below £250k. Personal guarantees for […]
Responding to the Government’s announcement of measures aimed at improving small business access to the Coronavirus Business Interruption Loan Scheme (CBILS), Federation of Small Businesses (FSB) National Chairman Mike Cherry said: “We welcome the Chancellor’s personal intervention to ensure that banks deliver the government-backed emergency loans which are urgently needed by many small businesses”.
The Chancellor Rishi Sunak is taking 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.
The Coronavirus Business Interruption Loan Scheme (CBILS) offers a loan of up to £5 million that is interest free for the first 12 months however there are concerns about “the way the loan scheme is being rolled out and being interpreted by some lenders”. The Business, Energy and Industrial Strategy Committee has written to Rishi Sunak, outlining a […]