Coronavirus Business Interruption Loan Scheme (CBILS) & Small Business Grants

Coronavirus Business Interruption Loan Scheme (CBILS) & Small Business Grants

Coronavirus Business Interruption Loan Scheme (CBILS) – Small Business, Contractor, Sole Trader, Ratable Property

UK Government backed loans up to £5 million to support primarily COVID19 affected small and medium sized businesses.

Benefits:

  • No interest for first 12 months (government to pay interest for 12 months).
  • Government to provide a guarantee of 80% on each loan without any charge.
  • Loans up to £5 million.
  • Provisions to provide further discretionary financial support to businesses.

Borrower is liable to repay 100% of the loan.

Eligibility:

  • Be UK based, with turnover of no more than £45 million per annum.
  • Operate within an eligible industrial sector (most are eligible).
  • Have not received de minimis State Aid beyond €200,000 equivalent over the current and previous two fiscal years.
  • Have a sound borrowing proposal, but insufficient security to meet the lender’s requirements.
  • Full eligibility criteria will be published shortly (TBC).

Our Team can help you in preparing your loan application and applying for business loans to multiple lenders at once through our partner platform. Please get in touch with your account manager to find out more.

Small Business Grants – Small Business, Ratable Property

Grants (non-repayable) to retail, hospitality and leisure businesses who occupy ‘rateable’ properties operating from smaller premises and are based in England.

Benefit

  • £25,000 Grant—for business with a rateable value over £15,000 and below £51,000.
  • £10,000 Grant—for business eligible for Small Business Rate Relief(SBRR)or Rural Rate Relief, to help meet their ongoing business costs (business properties with rateable value up to £15,000)

SBRR (Small Business Rate Relief) and Rural Rate Relief — more info here

How to Claim

  • You do not need to do anything. This grant will be administered by local authorities, who will write to you if you are eligible for this grant.
  • This is expected to start from 1stApril 2020. Please contact your local authorities for any queries.

These are grants and you are not expected to repay.

Business Rates Holiday – Small Business, Ratable Property

12-month business rates holiday for businesses in the retail, hospitality and leisure sectors from April 2020 to March 2021.

  • Business Rates retail discount to 100%.
  • Businesses that received the retail discount in the 2019 to 2020 tax year will be rebilled by their local authority as soon as possible

For guidance, the businesses should contact their local authority from 20th March 2020. If you have any more queries please feel free to email us at nik@limelight-accountancy.co.uk

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