CHANGES TO CORONAVIRUS BUSINESS INTERUPTION LOAN SCHEME
Key points on changes to CBILS announced by the Chancellor last night:
- all viable small businesses that have been impacted by COVID-19 can now benefit (rather than just those that couldn’t access commercial finance)
- no personal guarantees for loans below £250,000
- personal guarantees for loans above £250,000 limited to the 20% of the loan which isn’t guaranteed by Govt
- operational changes to speed up the processing of applications, particularly those for smaller loans
Banks are currently facing 30% staff absence rate so business owners need to have some patience - they are working as quickly and diligently as possible.
The British Business Bank is accrediting new providers every day. A list of those accredited can be found at the link below: