| A | B | C | D | |
|---|---|---|---|---|
1 | Timeline of UK's Three Covid-19 Credit Guarantee Programs | |||
2 | Coronavirus Business Interruption Loan Scheme (CBILS) | An 80% guarantee scheme for small and mid-sized enterprises (less than GBP 45 million in 2019 turnover) on financing up to GBP 5 million | ||
3 | Coronavirus Large Business Interruption Loan Scheme (CLBILS) | An 80% guarantee scheme for medium and larger businesses (>GBP 45 million in 2019 turnover) | ||
4 | Bounce Back Loan Scheme (BBLS) | A 100% guarantee scheme for SMEs on financing up to GBP 50,000. | ||
5 | Latest usage | spreadsheet last updated on October 8, 2020 | |||
6 | Date | Program | Action | Links |
7 | Wed, Mar 11, 2020 | CBILS | - Government introduces CBILS as part of 2020 budget - GBP 1 billion for program - Loans up to GBP 1.2 million - 80% guaranteed | Budget |
8 | Tue, Mar 17, 2020 | CBILS | - Chancellor of the Exchequer increases max loan amount from GBP 1.2 million to GBP 5 million | HMT speech |
9 | YPFS blog post | |||
10 | Mon, Mar 23, 2020 | CBILS | - CBILS begins operations | HMT stats |
11 | Fri, Apr 3, 2020 | CBILS | - Removed requirement that borrowers prove they tried and failed to borrow from a commercial bank - Personal guarantees no longer allowed for loans of GBP 250,000 or less | HMT press release |
12 | YPFS blog post | |||
13 | Fri, Apr 3, 2020 | CLBILS | - HMT introduces loan scheme for larger businesses (CLBILS) - CLBILS for companies with revenue between GBP 45 million and GBP 500 million - 80% government guarantee on up to GBP 25 million | HMT press release |
14 | YPFS blog post | |||
15 | Sat, Apr 18, 2020 | CLBILS | - CLBILS loans to companies with revenue greater than GBP 250 million can apply for loan of up to GBP 50 million | HMT CLBILS first overview |
16 | Tue, Apr 21, 2020 | CLBILS | - CLBILS begins operations | HMT CLBILS second overview |
17 | Mon, Apr 27, 2020 | BBLS | - New program, Bounce Back Loans scheme, introduced with 100% government guarantee for loans between GBP 2,000 and GBP 50,000. - No company with CBILS loan can access BBLS; however, the CBILS loan can be converted to a BBLS - The BBLS has a simple online form, unlike CBILS | HMT press release |
18 | HMT BBLS overview | |||
19 | YPFS blog post | |||
20 | Fri, May 1, 2020 | CBILS | - Overview of CBILS updated | HMT CBILS overview |
21 | Fri, May 1, 2020 | BBLS | - HMT sends letter to lenders about BBLS interest rates and regulatory treatment | HMT letter |
22 | Sat, May 2, 2020 | BBLS | - Bank of England announced changes to its Term Funding Scheme with additional incentives for SMEs (TFSME) and the UK leverage ratio in order to support the BBLS | BOE press release |
23 | Mon, May 4, 2020 | BBLS | - BBLS launches - Companies "in difficulty" on 31 Dec 2019 are now eligible | HMT press release |
24 | Tue, May 19, 2020 | CLBILS | - Maximum loan size available through CLBILS increased from £25 million to £200 million. | HMT press release |
25 | Tue, May 26, 2020 | CLBILS | - Updated CLBILS FAQ | CLBILS FAQ |
26 | Thu, Jul 16, 2020 | CBILS | - Changes to EU "undertaking in difficulty" rules exempt businesses with fewer than 50 employees and less than £9,000,000 in annual turnover and/or annual balance sheet from being considered "undertakings in difficulty" | BBB Press Release |
27 | Thu, Sep 24, 2020 | All | - The government announced all three programs and the Future Fund would be extended to November 30, 2020 | BBB Press Release |
28 | Wed, Oct 7, 2020 | BBLS | - National Audit Office (NAO) published investigation into the BBLS | NAO report |
29 | ||||