CORONAVIRUS LARGE BUSINESS INTERRUPTION LOAN SCHEME (CLBILS) UPDATE

by | Apr 23, 2020

CLBILS is a new scheme that was brought in by the Government on Monday 20th April that sits above the existing CBILS scheme for medium and larger sized businesses. Similar to CBILS, the scheme is designed to support business across the UK which have been impacted by Covid-19.
 
The eligibility criteria remain the same as with CBILS, with an additional point around Covid Corporate Finance Facility:
 
• UK based business
• Over 50% of revenue comes from trading activity
• The borrowing proposal would have been viable had it not been for Covid-19. In practice this looks to mean that the business was profitable for the 12 months to Dec 19 and could have taken on the proposed debt had it not been for Covid-19
• The business has been adversely impacted by Covid-19
• Not in one of the ineligible industries (Banks, insurers and reinsurers (but not insurance brokers); public-sector bodies; further-education establishments, if they are grant-funded; and state-funded primary and secondary schools)
• The business has not received funds from the Covid Corporate Finance Facility (CCFF) (https://www.bankofengland.co.uk/news/2020/march/the-covid-corporate-fina…)
 
 
For more details on the CLBILS scheme: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/clbils/
 
If you wish to contact a member of our team to discuss how you might access the CLBILS please email abg@abggroup.co.uk.

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