26th March 2020
COVID-19 UPDATE STOP PRESS
ACCESS TO FINANCE
Further to yesterday’s update (which said amongst other things we had written to the Chancellor regarding banks’ requirements for a security on business owners permanent private residence), I am pleased to say that it has been made absolutely clear that lenders cannot do this under the Coronavirus Business Interruption loan scheme. The Chancellor has written to the banks today.
This was also confirmed on Radio 4 this morning and by the British Business Bank on today’s CBI Webinar.
To find possible lenders there is a list on the BBB website: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/current-accredited-lenders-and-partners/
On other matters:
Government will today announce a support package for the self-employed. We have raised the position of Directors whose income is from dividends.
Companies with a turnover of £45 million+ and who can’t benefit from CBILS are very much in Government’s thinking.
All bacta’s Covid-19 updates are now on the Covid-19 section of our website to save you trawling back through emails. Scroll down on the Home Page and click through.
If there is any way you can help during this crisis there is a good resource on the excellent CBI Coronavirus hub website: https://www.cbi.org.uk/coronavirus-hub/
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