Businesses are now able to access Government support to keep operating in the face of coronavirus emergency. The Coronavirus Business Interruption Loan Scheme will help any viable business with a turnover of up to £45m to access government-backed finance of up to £5 million. Interest payments and any lender-levied fees for businesses will be covered by the Government for an initial period of up to twelve months. The Bank of England’s new lending facility for larger firms, the Covid Corporate Financing Facility, is also open for applications. By purchasing short-term corporate debt – known as commercial paper – the scheme provides a quick and cost-effective way to raise working capital for companies who are fundamentally strong but are experiencing severe disruption to cashflows, helping businesses across a range of sectors to pay wages and suppliers.
Government launch Coronavirus business support
Article by: Makbool Javaid, Partner - Simons Muirhead & Burton |