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I would like to receive newsletters, event invitations and publications from Thomson Snell & Passmore by email on the following topics (tick all those that apply) and consent for my data to be processed for this purpose.

We respect your privacy and want news to be relevant. To either, click here or update your preferences by emailing us at info@ts-p.co.uk. Your personal data shall be treated in accordance with our & .

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By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

  • Overview

    The Coronavirus Business Interruption Loan Scheme, also known as ‘CBILS’ was launched on 23 March 2020 as part of the package of emergency support introduced by the UK government to help SME businesses tackle the COVID-19 pandemic. COVID-19: Understanding how the coronavirus business interruption loan scheme can help your organisation).

    CBILS was later supplemented by further schemes aimed at other businesses in the UK including the Coronavirus Large Business Interruption Loan Scheme (‘CLBILS’), which was designed to help large businesses that were unable to access CBILS due to exceeding the permitted turnover threshold (https://www.ts-p.co.uk/news/covid-19-coronavirus-large-business-interruption-loan-scheme-clbils); and the Bounce Back Loan Scheme (‘BBLS’), which offered smaller lending amounts than CBILS, and was quicker and easier to apply for (COVID-19: Bounce Back Loan Scheme)

    Latest figures provided by the UK government show that, as at 16 August 2020, over £52.65bn worth of facilities across the three schemes has been approved since their inception, with the BBLS proving the most popular.

    Here is a snapshot of the latest statistics:

     

    Value of Facilities Approved

    Number of Facilities Approved

    Total Number of Applications

    CBILS

    £13.68bn

    60,409

    122,885

    CLBILS

    £3.50bn

    516

    938

    BBLS

    £35.47bn

    1,174,854

    1,430,017

    The UK Government is due to provide updated information on Tuesday 22 September (HM Treasury coronavirus (COVID-19) business loan scheme statistics).

    However, all of the schemes are due to come to an end in the coming weeks and months, and no plans have currently been announced to extend them past these deadline.

    CBILS, as the first scheme introduced, is due to come to an end imminently, on Wednesday 30th September 2020. Any businesses that have not yet applied for a CBILS loan but wish to do so will need to have started their application on or before 30 September. Lenders will then have two months to process any applications received by that date.

    Similarly, the CLBILS is due to close on 20 October 2020, and BBLS will end on 4 November 2020.  

    All of the schemes are available through a range of lenders accredited by the British Business Bank. Applicants wishing to utilise the schemes are advised to approach their existing lenders in the first instance, and should do so as a matter of urgency in light of the impending deadlines.

    Please do not hesitate to contact us if we can assist with any queries or application paperwork. Our Banking & Finance Team is on hand to advise in relation to the legal aspects of the standard application documents.

  • Related Services

    COVID-19: Understanding what Coronavirus means for your business

    Companies across the UK and globally are now considering how they can mitigate the impact of the Coronavirus (COVID-19).

Faye Cook

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By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

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Jargon Buster