The Government’s Coronavirus Business Interruption Lending Scheme (CBILS) is now live and we can apply on your behalf for a loan if your business has been impacted by Covid-19.

 

The high-level eligibility criteria are:

  • Be UK-based in its business activity, with annual turnover of no more than £45m
  • 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.
  • The following trades and organisations are not eligible to apply: Banks, Building Societies, Insurers and Reinsurers (but not insurance brokers); The public sector including state funded primary and secondary schools; Employer, professional, religious or political membership organisation or trade unions.

To apply for the scheme please provide the following information and indicate on the application form that the business has been negatively impacted by the disruption caused by Covid-19.

  • Last 6 months business bank statements
  • Latest year end accounts
  • Up to date management information
  • Completed application form (attached)

 

Please consider the following guidance regarding the maximum facility amount a borrower is eligible for and ensure the supporting evidence with the application is provided:

  • No more than double the annual (2019) wage bill of the business (including contractor costs and social charges (e.g. NI)).

or,

  • 25% of the total turnover (2019).

or, if needed,

  • with appropriate justification and based on a self-certification by the business of its liquidity needs, the liquidity needs of the business from the moment of granting for the coming 18 months.

 

Please note, initially when a loan is approved under the new scheme, the templates and emails will refer to an existing EFG scheme. However, a letter will be issued to you alongside the existing documentation detailing the difference and how to claim the interest back from the Government.

 

Any questions, please contact us.

 

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