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CBILS Loan Scheme change

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dspp
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CBILS Loan Scheme change

#329595

Postby dspp » July 30th, 2020, 9:22 am

This may be of interest to some of you :

"The economic secretary to the Treasury, John Glen, said he would write to major lenders advising them of the change, which will make more small businesses – specifically those that have racked up large losses and debts – eligible for loans of up to £5m. By the end of June, more than £11bn had been lent to more than 50,000 businesses under CBILS.

Previously, businesses classed as “undertakings in difficulty” were unable to access CBILS under EU state aid rules, which the UK has been required to adhere to during the Brexit transition period.

“From today, businesses in this category and which have fewer than 50 employees and a turnover of less than £9m can apply to CBILS,” he said."


That is a very significant change, as many businesses in the UK in this category were already struggling for very obvious reasons.

I checked the UK Gov website on the CBILS section just now https://www.gov.uk/guidance/apply-for-t ... oan-scheme and so far the UK Gov's own website has yet to register this change.

regards, dspp

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