Coronavirus Business Interruption Loan Scheme goes live

The government's Coronavirus Business Interruption Loan Scheme went live for applications from today (23 March).

In the Budget, the Chancellor announced the implementation of the scheme, which will support the continued provision of finance to UK small and medium-sized (SME) businesses during the COVID-19 outbreak.

Delivered by the British Business Bank, the scheme will temporarily replace the Bank's Enterprise Finance Guarantee scheme, with an additional £1 billion made available on top of existing support supplied via the programme.

The government has since increased the scope of the Business Interruption Loan Scheme to £5 million, with no interest due for the first twelve months.

The government will provide lenders with a guarantee of 80% on each facility to give lenders further confidence in continuing to provide finance to SMEs. The scheme is available through more than 40 accredited lenders, which are listed on the British Business Bank website.

The Covid Corporate Financing Facility, which is the Bank of England's lending facility for larger firms, also launched today.

The scheme provides a quick way to raise working capital for companies that are experiencing severe disruption to cashflows.

Commenting on the schemes, Chancellor Rishi Sunak, said: 'We are working round the clock to do whatever it takes to protect our people and businesses.

'That means that we are not only taking unprecedented action but doing so at unprecedented speed, because we know that businesses and their employees need help now.'

Further details of the Coronavirus Business Interruption Loan Scheme can be found on the British Business Bank website.

Details of the Covid Corporate Financing Facility are available on the Bank of England's website.

Research shows 5.2 million people have fallen victim to scams during coronavirus crisis Coronavirus Statutory Sick Pay Rebate Scheme goes live Government publishes revised Coronavirus Job Retention Scheme legislation Survey suggests one in ten firms cannot implement coronavirus guidance safely IPSE urges government to extend self-employed support scheme Future Fund launches to give start-ups coronavirus support Government set to launch Coronavirus Statutory Sick Pay Rebate Scheme Loan size increased to £200 million under large business interruption scheme BCC survey suggests firms ready for gradual reopening of UK economy One million apply to self-employed grant scheme in 48 hours Close to £15 billion lent through government's coronavirus schemes Chancellor extends Job Retention Scheme until October Self-employed grant scheme to open to applications HMRC extends tax appeal deadline due to pandemic Business groups need more guidance and financial support for return to work UK Finance warns firms over Bounce Back loan repayments HMRC begins contacting individuals eligible for coronavirus income support scheme Over 110,000 businesses apply for Bounce Back loans on day one Government changes ISA rules to help individuals affected by coronavirus Business leaders eager for lockdown to ease, says IoD Lenders relax evidence requirements for business interruption loan scheme applications CIPD urges government to make Coronavirus Job Retention Scheme more flexible Government launches small business micro loan scheme FSB urges government to increase 80% guarantee on coronavirus business loans Government launches support finder tool for businesses SMEs access £2.8 billion through business interruption loan scheme BCC finds significant number of UK businesses have furloughed employees Coronavirus pandemic 'has already cost SMEs £277,000 each', research suggests Government unveils support package for innovative businesses affected by coronavirus Coronavirus Job Retention Scheme goes live as it is extended to end of June Pensions regulator issues auto-enrolment guidance for pandemic Government widens eligibility for job retention scheme HMRC releases guidance on coronavirus Self-employment Income Support Scheme Coronavirus Job Retention Scheme set to launch on 20 April Chancellor announces financial aid package for charities Firms struggling to access emergency coronavirus loans UK economic output reduces to 31% as result of coronavirus lockdown Chancellor announces changes to Business Interruption Loan Scheme Majority of UK firms have less than three months' cash reserves Government publishes details on coronavirus grant schemes for small businesses Directors on PAYE can furlough under job retention scheme Government relaxes insolvency rules during coronavirus pandemic HMRC publishes guidance on recognising genuine government contact HMRC urges businesses using VAT deferral to cancel direct debits Chancellor unveils help for self-employed workers Government and financial regulators tell banks to keep lending UK facing 'worst recession in modern history' COVID-19 Business Measures - job retention and tax deferrals Coronavirus Business Interruption Loan Scheme goes live Information for businesses and employers