The Coronavirus Business Interruption Loan Scheme (CBILS) targets small and medium-sized businesses with loans and financial support of up to £5million turnover. 80% of the finance is guaranteed by the government and they will pay any fees and interest for the first 12 months. Financial support if given through over 50 lenders participating in the scheme.
To be eligible for the loan businesses must be UK-based and have an annual turnover of up to £45million. Businesses must show that they have been adversely impacted by the pandemic. For loans of over £30,000 it must be shown that the business was not in difficulty on 31st December 2019.
Applications can now be made through the scheme of up to £500k for Limited Companies. With this increase, there are several key differences that are relevant to loans of £250,001 to £500,000
If you have already applied for a CBILS loan and wish to increase your loan, please contact us. An application can be made for additional funding at least 30 days after the drawdown of the original loan claimed through CBILS. The maximum total loan is now £500,000.
The deadline for final applications is drawing nearer now (30th September). Please get in touch with Grampian Accounting if you would like to make an application or need any more information regarding the Coronavirus Business Interruption Loan Scheme.
As detailed in a previous blog post, the Bounce Back Loan is intended to be a temporary response to the unprecedented challenges to businesses as a result of coronavirus (COVID-19). The Scheme will be open until 4 November 2020. Please get in touch if you require more information on make an application.