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The Government has set out an unprecedented package of support for all businesses affected by this crisis, including the Coronavirus Business Interruption Loan Scheme (CBILS).
As of 12 May, 36,000 facilities, with a value of over £6 billion, had been approved for SMEs through CBILS. The Government continues to monitor closely the impact of its policies and keeps all policies under review.
The Government has taken further action by launching the Bounce Back Loan Scheme to ensure that the smallest SMEs, who may have struggled to see their finance applications approved as quickly as they need, can access finance. Businesses can apply for a loan from £2,000 up to £50,000, capped at 25% of a firm’s turnover. The Government will provide lenders with a 100% guarantee on each loan, to give lenders the confidence they need to support the smallest businesses in the country. The Government will cover the first 12 months of interest payments and fees charged to the business by the lender. The interest rate after the first 12-month period has been agreed between the Government and lenders at 2.5%. No early repayment fees will be charged to a borrower.