COVID-19: Amendments to Coronavirus Business Interruption Loan Scheme announced as at 06.04.20
Last Friday (3 April 2020) the Govt. announced amendments to the Coranavirus Business Interruption Loan Scheme to aid smaller businesses gain access to the scheme.
Importantly, access to the scheme has been opened up to those smaller businesses who would have previously met the requirements for a commercial facility but would not have been eligible for CBILS. The new guidelines state:
- Personal guarantees cannot be taken for any facilities below £250k
- Insufficient security no longer a condition to access the scheme
- Personal guarantees may be required for facilities above £250k but capped at 20% of the outstanding balance after business asset recoveries
Details on the expanded scheme, including an eligibility checker and application processes, are available via this link: