HM Treasury expands scope of CBILS

Industry News | 03/04/20

HM Treasury has announced an extension of the scope of the Coronavirus Business Interruption Loan Scheme (CBILS) so that all viable small businesses affected by COVID-19 will be eligible, as having insufficient security is no longer a condition of access to the scheme. The Government is also stopping lenders from requesting personal guarantees for loans under £250,000, and making operational changes to speed up the approvals process. Details of the scheme can be found on the British Business Bank website. The expanded scheme is operational as of 6 April 2020.