Blog
Coronavirus Business Interruption Loan Scheme expanded to more businesses
19 Aug

Following a change in EU state aid rules, the Government has announced that it will expand the Coronavirus Business Interruption Loan Scheme (CBILS) to certain businesses classed as “undertakings in difficulty” – those with large losses and debts. The UK remains subject to EU state aid rules during the Brexit transition period.
The change means that businesses in this position with fewer than 50 employees and a turnover below £9 million can apply for a loan under the scheme.
CBILS was announced by the Chancellor during the Budget in March and enables businesses with a turnover of up to £45 million to borrow between £1,000 and £5 million, with the Government meeting the cost of interest for the first 12 months.
To date, more than 57,000 businesses have benefited from £12.6 billion in support from CBILS.
Chris Wilford, Head of Financial Services Policy at the CBI, said: “This is an important step that will help more businesses get the critical support they need. These eligibility hurdles have been a real stumbling block for many firms across the UK throughout the crisis. These were put in place to avoid governments bailing out failing companies, but those rules were established in normal times.
“They have had a real impact on the ability of some high-growth firms and those with more complex structures being able to access the loan schemes. More jobs and livelihoods will now be saved.”
Link: More businesses set to benefit from government loan scheme
Archive
- The Best Cloud Accounting Software For Pubs
- Coronavirus Restart Grant
- Student loan thresholds to rise from 6 April 2021
- HMRC updates tax rules and calculations on ultra-low emission vehicles
- Almost two-fifths of small businesses are looking to trade overseas
- National Living Wage and National Minimum Wage rates to increase from 1 April
- Business rates review report delayed
- Vaccine rollout prompts SME optimism about prospects for 2021
- Budget 2021
- Self-Assessment late payment penalties relaxed but interest still accrues
- Business insurance rates are on the rise
- The advantages of electric vehicle salary sacrifice schemes
- Consultations on future of Companies House could see filing deadlines slashed
- Voluntary and compulsory strike-off processes paused in response to national lockdown
- Don’t forget to claim home working tax relief
- Large and medium-sized businesses need to be ready for IR35
- The VAT Reverse Charge for the Construction Industry Scheme – Are you ready?
- Basic rate taxpayers could face ‘high income’ child benefit charge
- The VAT Deferral New Payment Scheme
- COVID-19 Bounce Back Loan repayment period extended
- Calculating Coronavirus Job Retention Scheme claims for annually paid directors
- HM Revenue & Customs waives late filing penalties for Self-Assessment taxpayers who file by 28 February – but payment deadline remains
- Requests for exemption from publication of furlough claims must be submitted by Monday 25 January
- Only a few days are left to submit applications for the third SEISS grant
- What could Budget 2021 have in store?
- HM Revenue & Customs increases the threshold for Self-Assessment online payment plan service to £30,000
- Independent commission argues against annual wealth tax but advocates a one-off charge
- Could the Government be about to launch a new permanent state-backed small business loan scheme?
- HMRC issues new warning over lockdown fraudsters
- FSB proposes move to turn Covid emergency debt into shared ownership schemes
- VAT – Post-Brexit arrangements
- Insurance industry to pay out on COVID-19 business interruption claims
- Are you making full use of the Government’s COVID-19 financial support package?
- Government extends agricultural visa scheme to fill jobs left by EU workers
- Brexit: UK Trader Scheme to support movement of goods between Britain and Northern Ireland
- Coronavirus furlough and loan schemes further extended
- Brexit trade deal negotiations continue as businesses warned to prepare for a ‘no deal’ scenario
- VAT under the Northern Ireland Protocol
- Northern Ireland customs duty arrangements confirmed
- Government launches new export finance guarantee scheme
- How can your business prepare for customs and VAT after Brexit?
- UK launches points-based post-Brexit immigration system
- Business Secretary writes to professional services sector ahead of end of Brexit transition period
- HMRC updates Statutory Residence Test due to COVID-19
- Scammers are targeting Self-Assessment taxpayers, says HMRC
- Eat Out to Help Out compliance checks underway
- Businesses face legal action over unpaid business rates
- HMRC publishes consultation on MTD for Corporation Tax
- HM Revenue & Customs issues Capital Gains Tax reminder
- Virtual Christmas parties eligible for £150 annual function exemption
- Grandparents set to increase gifting following pandemic and families set to inherit more than expected
- Access to European Union VAT refund system to end on 31 March 2021, HMRC confirms
- Brexit: How to claim grant funding to help cover the costs of completing new customs declarations
- Companies House to scrap paper reminder letters
- Third round of Self-Employment Income Support Scheme (SEISS) opens on Monday with tighter eligibility criteria
- Important deadlines approach for the furlough scheme
- Spending Review highlights long-term economic impact of Coronavirus pandemic
- The New COVID-19 Tier System
- VAT after the Brexit transition
- IFS predicts tax rises of more than £40 billion a year by the middle of the decade
- More than 50,000 people claim working from home tax relief through HM Revenue & Customs online portal
- HMRC called on to simplify the administration of tax reliefs
- A quarter of businesses don’t think they will be ready for post-Brexit Britain
- HMRC warns taxpayers still aren’t ready for Making Tax Digita
- Homebuyers need to start purchases this month to take advantage of Stamp Duty savings
- Daily penalties waived for Self-Assessment late filing
- Furlough scheme update – Publication of claims and employees serving notice
- Extended Coronavirus Job Retention Scheme FAQ
- Government extends furlough scheme and provides a boost to SEISS
- Government extends further help to businesses and the self-employed during national lockdown
- National Lockdown – Extension to the Coronavirus Job Retention Scheme and Business Support Update
- Government extends further support to businesses affected by COVID-19
- HM Revenue & Customs publishes further details of the Job Support Scheme
- Annual Investment Allowance – Time is running out
- Accounting for mobile phone use
- Time to prepare (once again) for the VAT reverse charge
- Is the Government considering a National Living Wage freeze?
- Companies House reforms to combat fraud and assist businesses
- Price of plastic bags in England to double to 10p
- New Coronavirus regulations place self-isolation obligations on employers
- Latest SEISS grants introduce new qualifying conditions
- Businesses may be entitled to insurance pay-out after important judgment
- Chancellor expands Job Support Scheme and grants to businesses facing new COVID-19 restrictions
- Government issues new guidance on the Job Retention Bonus
- Download the Government’s guide to the Job Support Scheme
- Important message to clients and friends: We are working remotely on recommendation from the PM, please read the following update
- Chancellor announces new Job Support Scheme and package of business support measures
- Change to Companies House bank detailsanies House bank details
- More than £1 billion in tax reliefs for creative industry
- Advisory Fuel Rates for next quarter come into effect
- Key dates for the Coronavirus Job Retention Scheme
- The first Child Trust Funds (CTFs) can now be claimed
- Four in five SMEs are confident over their Coronavirus recovery
- HM Revenue & Customs (HMRC) writes to 3,000 employers over furlough claims
- Government to launch new local lockdown grants
- CBILS ends on 30th September 2020
- How will you rebuild and recover? Funding launched to cover cost of professional advice
- Tax changes outlined in draft Finance Bill 2020 – 2021
- Coronavirus Business Interruption Loan Scheme expanded to more businesses
- VAT treatment of imported goods up to £135 to change under new rules