UK’s Covid-19 business support leads to confusion

Author: Jimmie Franklin | Published: 1 Apr 2020

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The UK government’s response to helping businesses through the ongoing coronavirus pandemic is confusing companies, who say they do not know how to apply for the loans.

Since the 23 March, UK businesses have been able to access support through the Coronavirus Business Interruption Loan Scheme (CBILS). The CBILS is intended to provide financial support to small businesses across the UK that are losing revenue and experiencing cash flow disruption as a result of the Covid-19 outbreak.

The state-owned British Business Bank is offering CBILS via accredited lenders. At the moment there are more than 40 lenders working to provide the product.

"My impression is that banks are keen to help under these schemes and are starting to see applications come in, which will no doubt increase in the coming weeks," said Ashurst consultant Dave Rome. The scheme...