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HMT announces more businesses to benefit from CBILS due to State Aid changes

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Published on: 30 July 2020

Published by LNB News

LNB News 30/07/2020

Document Information

Issue Date: 30 July 2020

Published Date: 30 July 2020

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

HM Treasury (HMT) has announced that more businesses will benefit from the Coronavirus Business Interruption Loan Scheme (CBILS) due to changes to state aid rules following UK government and industry lobbying. Previously businesses classed as 'undertakings in difficulty' (those with high levels of debt and accumulated losses) were unable to access the funding because of restrictions in the EU’s Temporary State Aid Framework. From today, businesses classed in this category that have less than 50 employees and a turnover of less than £9m can apply to CBILS. In addition, the Economic Secretary to the Treasury, John Glen MP, and the Small Business Minister, Paul Scully MP, have written to the Chair of UK Finance, Bob Wigley, highlighting their expectations that these changes are implemented to ensure more businesses are receiving financial support.

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