UPDATE – The government has now announced an extension to the CBILS deadline. Businesses wishing to apply have until 31 January 2021.
Many travel businesses have taken advantage of the Coronavirus Business Interruption Loan Scheme (CBILS) announced by the government in March to support companies that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak. If you are still considering using the scheme, there isn’t long left to apply. Unless there are any further announcements, the scheme is due to close to new applications on 30 September.
If you have already applied for CBILS but were unsuccessful due to being classed as an ‘undertaking in difficulty’, you may wish to consider reapplying. Previously, ‘undertakings in difficulty’ were unable to access the scheme because of EU rules but this has now changed, and businesses in this category which have fewer than 50 employees and a turnover of less than £9 million can now apply. For more information, please see Gov.uk.
If you are planning on applying, please be aware that lenders may have specific requirements. Below are the loan conditions provided by some participating, non-high street banks. It is not a complete list, so we recommend that you contact your preferred lender directly to understand their requirements, or please get in touch if you need any help.
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