Government Business Interruption Loan
Posted on 26th March 2020 at 11:16
We hope that you remain safe and well. We understand the difficulties that the current crisis may be causing you and your business and that you are no doubt trying to find information on possible support available from the government.
For any businesses impacted by the COVID-19 virus, applications for Business Interruption Loans are available. For the latest information on how to apply, please see below.
The lender will offer a standard loan if the business fits the existing criteria, rather than the more beneficial Business Interruption loan
The borrower always remains 100% liable for the debt. The 80% guarantee is for the lender, not the business/business owner
The business must have a borrowing proposal which, were it not for the current pandemic, would be considered viable by the lender, and for which the lender believes the provision of finance will enable the business to trade out of any short-to-medium term difficulty
Loan fee and interest will be covered by the Government for 12 months. Each lender will have different repayment terms
Please only apply through the accredited organisations listed. Some unaccredited businesses have been set up which are charging businesses extra fees.
It’s best to apply online
Link to approved lenders - https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/current-accredited-lenders-and-partners/
We suggest that this will be good time for you to have everything as up to date as possible so that you are in the best possible place to be able to access help and funding should you need it quickly.
Please be aware, just because your tax payments are being deferred, your returns still need to be filed on time.
We should also point out that now is a very challenging time, but it will pass. At that point, the businesses that have continued and been flexible will be best placed to accept the new work that will arise
Please see below a couple more websites with information which you may find useful.
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