6 Apr 2020 / Back to latest updates

Business Blog – Latest News and Cash Flow Advice

Further to our news article last week, the government has announced last night that some changes are being made to the Coronavirus Business Interruption Loan Scheme (CBILS):

• Applications will not be limited to businesses that have been refused a loan on commercial terms, extending the number who benefit. However, the government has refused to adjust the interest on the loans;
• Banks will not ask for personal guarantees on borrowing monies up to £250,000;
• Larger firms with a turnover of up to £500m will also be eligible for more help – with state-backed loans of up to £25m available to firms with revenues of between £45m-500m.

The BBC News today (03.04.2020) quotes that the government will guarantee £330bn but that only £145m has so far been lend to businesses.

Businesses still struggle to access loans with many physical branches closed.

Some further help being offered to businesses which is a good sign although to what cost if interest rates are high on the loan or the actual monies are slow at being paid to the businesses that need them.  

We understand that the last few weeks have created a tough times for businesses. Should you need any assistance with managing your cash flow and chasing any outstanding debts for payments then please contact us for further information.