Latest COVID-19 updates: 3 April 2020
3rd April 2020
Categories: Member News
The Chancellor has today announced the following:
- An extension of the Coronavirus Business Interruption Loan Scheme (CBILS) to ensure all viable small businesses affected by COVID-19, rather than just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time.
- The Government has also announced it will be stopping lenders from requesting personal guarantees for loans under £250,000, and will be making changes to speed up approvals.
- The Government will continue to cover the first 12 months of interest fees.
- A new Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million.
The full announcement can be read here. We will share any further information and updates on these schemes as they become available.
Further to this, the Local Government Association and the Tourism Alliance have identified some tourism businesses that are not explicitly mentioned in the business rates relief guidance, but it is felt that they fall into the intended category. Councils are being asked to give consideration to the premises listed below for inclusion in their local schemes:
- Amusement arcades
- Vehicle rental sites
- Conference and exhibition venues
- Travel and tour operators
- Tourism Information Centres
- Tourism Boards/Destination Management Organisations
- Coach operators
- English language schools
- Travel/hospitality industry charities (offices)
- Marinas/boat hire/passenger boat facilities.
Head to Visit Britain and Visit England for more updates.
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