My colleagues in our finance team have penned some useful early guidance for businesses facing a “Covid-19 shock”. While the details are still being developed, their article helpfully summaries what we know so far. Keep an eye on CMS's Law-Now service for further updates.
"The Coronavirus Business Interruption Loan Scheme: for companies with a turnover of up to £41m
Full details of the scheme will be available on Monday 23 March. However, as this is a lender guarantee scheme, corporates should be taking action now to contact their existing bank if funding will be required. It is not necessary to use your existing bank but the AML/KYC requirements will be easier and quicker to satisfy if you do"
Help for businesses in distress due to COVID-19
The content above was originally posted on CMS DigitalBytes - CMS lawyers sharing comment and commentary on all things tech.
