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On 6th April 2021 the government launched the Recovery Loan Scheme (“RLS”), the next stage of its financial support for businesses impacted by COVID-19. The RLS replaces the Coronavirus Business Interruption Loan Scheme (“CBILS”), the Coronavirus Large Business Interruption Loan Scheme (“CLBILS”) and the Bounce Back Loan Scheme (“BBLS”), which all closed for new applications on 31st March 2021.

A few of the key distinctions between the RLS and the CBILS, CLBILS and BBLS are:

A list of the British Business Bank’s FAQs is contained here (which includes details of the eligibility criteria). The eligibility criteria for the RLS, if it is like the existing financial support schemes, has the potential to change over time but where a borrower has a CBILS, CLBILS or BBLS then they will (subject to it impacting the amount they can borrow under the RLS) also be eligible to apply under the RLS.

The Clarion Banking and Finance team have advised borrowers and several lenders on the terms of CBILS and CLBILS since the start of the COVID-19 pandemic and are happy to answer any queries in relation to the RLS or any of the existing financial support schemes.

 

This article is correct as at the date of writing on Wednesday 7 April 2021.

 

Disclaimer: Anything posted in this blog is for general information only and is not intended to provide legal advice on any general or specific matter.

 

Blog via clarionsolicitors.com