Steve Double MP: “Changes to Business Interruption Loan Scheme will make it easier for businesses to get help”

Steve Double, Member of Parliament for St Austell and Newquay, has welcomed changes to the Business Interruption Loan scheme announced by the Chancellor in order to make it easier for businesses to access support during the COVID-19 pandemic.

On Thursday, Chancellor Rishi Sunak overhauled the scheme amid claims banks were taking advantage of the crisis.

Mr Sunak said that under changes to the Coronavirus Business Interuption Loan Scheme (CBILS):

  • Applications will not be limited to businesses that have been refused a loan on commercial terms, extending the number who benefit.
  • Banks will not be expected to ask business owners to guarantee loans with their own savings or property when borrowing up to £250,000
  • Larger firms with a turnover of up to £500m will also be eligible for more help - with state-backed loans of up to £25m available to firms with revenues of between £45m-500m.

Commenting, Steve said:

“This Government has done more than any other to support business at this difficult time. We have pledged to guarantee £330bn of loans but only £145m has been lent so far.”

 

“It is vital that the support for businesses the government is making available gets to those who need it most as quickly and easily as possible. We bailed out the banks when they needed it in 2008 and it is only right that they now return the favour to hard-working businesses who have fallen on hard times because of this virus.”

“Sadly I had been contacted by businesses in Mid-Cornwall who have been denied the support they need via the CBIL scheme. I had raised these concerns with the Treasury and am pleased they have listened and are taking quick action.”

“I will keep this situation under review and encourage any businesses in St Austell and Newquay who encounter problems in access these loans to get in touch with me.”

You can find out more about Business Interruption Loans via the below link:

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/for-businesses-and-advisors/