Inca COVID-19 Update: Further Changes to Help Smaller Businesses
23rd April 2020
Welcome to our latest COVID-19 update.
Business Interruption Loan Scheme: Further changes to Help Smaller Businesses
- The minimum loan requirement – previously set at 25K has now been dropped
- The stipulation that a business cannot borrow more than twice its annual wage bill or more than 25% of its total turnover in 2019 has also been removed
Points to note
Is your business eligible?
- Be UK-based in its business activity
- Have an annual turnover of no more than £45 million
- Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic
- Self-certify that it has been adversely impacted by the coronavirus.
We hope you find this information useful. Please feel free to share it with other business owners in your contact sphere.
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If you have specific questions you’d like to ask, please email our new, dedicated email address [email protected] . We will collate questions and share answers here on the newsletter platform and on our social media channels.