Coronavirus Business Interruption Loan Scheme and Coronavirus Job Retention Scheme: Difference between pages

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imported>Doug Williamson
(Add abbreviation.)
 
imported>Doug Williamson
(Update changes to scheme and closure date. Source: https://www.gov.uk/government/publications/changes-to-the-coronavirus-job-retention-scheme/changes-to-the-coronavirus-job-retention-scheme)
 
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''COVID-19 - business continuity - UK.''
''COVID-19 - business continuity - UK.''


(CBILS).
(CJRS).


The CBILS was provided by the UK government owned British Business Bank through participating providers.
Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.


It offered more attractive terms for both businesses applying for new facilities and lenders, with the aim of supporting the continued provision of finance to UK businesses during the Covid-19 outbreak.
The UK's HMRC (Her Majesty's Revenue & Customs) will reimburse a percentage of relevant workers' wage costs, up to a cap of £2,500 per month.


The CBILS provided the lender with a UK government-backed guarantee against the outstanding facility balance, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.
The scheme is due to close on 31 October 2020.
 
The UK government also paid the first 12 months of interest payments, enabling businesses to benefit from lower initial repayments. The business remained liable for repayments of the capital.
 
The maximum value of a facility provided under the scheme was £5 million.
 
 
CBILS supported a wide range of business finance products, including:
 
*Term facilities
*Overdrafts
*Invoice finance facilities
*Asset finance facilities
 
 
To be eligible for support via CBILS, the small business must:
 
*Be UK based, with annual turnover of no more than £45 million.
*Operate within an eligible industrial sector.
*Be unable to meet a lender’s normal lending requirements for a fully commercial loan or other facility, but would be considered viable in the longer-term.
 
 
For new borrowings from April 2021 onward, CBILS was superseded by the Recovery Loan Scheme (RLS).




==See also==
==See also==
* [[Bounce Back Loan Scheme]]
*[[British Business Bank]]
*[[British Business Bank]]
*[[Business continuity plan]]
*[[Business continuity plan]]
*[[Contingency plan]]
*[[Contingency plan]]
*[[COPD]]
*[[Coronavirus]]
*[[Coronavirus]]
*[[Coronavirus Job Retention Scheme]]
*[[Coronavirus Business Interruption Loan Scheme]]
*[[Coronavirus Large Business Interruption Loan Scheme]]
*[[COVID-19]]
*[[COVID-19 Corporate Financing Facility]]
*[[COVID-19 Corporate Financing Facility]]
*[[Disaster recovery planning]]
*[[Disaster recovery planning]]
*[[Financial stability]]
*[[Financial stability]]
*[[Furlough]]
*[[Her Majesty’s Revenue & Customs]]
*[[Liquidity management]]
*[[Liquidity management]]
* [[Recovery Loan Scheme]]  (RLS)
*[[WFH]]
*[[Stranded middle]]




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[https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses UK government: support for businesses]
[https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses UK government: support for businesses]
[https://www.gov.uk/coronavirus UK government: COVID-19 support hub]


[[Category:The_business_context]]
[[Category:The_business_context]]

Revision as of 13:28, 7 July 2020

COVID-19 - business continuity - UK.

(CJRS).

Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.

The UK's HMRC (Her Majesty's Revenue & Customs) will reimburse a percentage of relevant workers' wage costs, up to a cap of £2,500 per month.

The scheme is due to close on 31 October 2020.


See also


Resources for COVID-19

ACT technical - COVID-19

UK government: support for businesses

UK government: COVID-19 support hub

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