The Government’s loan guarantee scheme to help businesses get through the Coronavirus pandemic comes on stream on Monday (23 March).
The government's British Business Bank, started up as a response to the recession following the 2007/08 credit crunch crash, now has a website detailing the loans available to support businesses that need financial support because of the Coronavirus.
It is planning to cover loans of up to £5million with no interest payable during the first 12 months.
You can see which banks and lenders are part of CBILS on the accredited lender page. You can contact any of them if you wish to use the scheme. You do not have to use your existing business bank, although it might be simplest.
These loans are in addition to other measures announced by the government, including the arrangements with HM Revenue & Customs to defer tax payments.
If you cannot pay tax because of Coronavirus, you can call the HMRC Coronavirus helpline on 0800 015 9559 Monday to Friday 8am to 8pm and Saturday 8am to 4pm. A PDF guide is avilable by clicking on the link below or click here to go to the government website.