Small Businesses: Government Assistance

Department for Business, Energy and Industrial Strategy written question – answered on 11th June 2020.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Business, Energy and Industrial Strategy), Shadow Minister (Digital, Culture, Media and Sport)

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 4 June 2020 to Question 51958, on Bounce Back Loan Scheme, how businesses using the Bounce Back Loan Scheme (BBLS) that later decide that they need more financing can refinance under the Coronavirus Business Interruption Loan Scheme (CBILS) when as stated businesses are not permitted to access more than one of either the BBLS, CBILS, the Coronavirus Large Business Interruption Loan Scheme or the Covid Corporate Financing Facility scheme at the same time.

Photo of Paul Scully Paul Scully Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Minister of State (London)

Under the Bounce Back Loan Scheme (BBLS), a business which has had their application for a loan accepted, or is part of a wider group (defined by having a holding company at the top of their structure) in which any business has had their application for a loan accepted, is not able to apply for a further loan.

Businesses using the BBLS, who later decide that they need more financing, may be able to refinance their loan in full under Coronavirus Business Interruption Loan Scheme (CBILS) provided they are eligible for the CBILS.

Businesses are not permitted to access more than one of either the BBLS, CBILS, Coronavirus Large Business Interruption Loan Scheme (CLBILS) or the Covid Corporate Financing Facility (CCFF) scheme at the same time.

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