Businesses – Parliamentary Question on the Resumption of Trading

I have received this answer to my recently submitted Parliamentary Question:

Department for Business, Energy and Industrial Strategy provided the following answer to your written parliamentary question (38407):

Question:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assumptions a business should make on when they can resume trading so they can produce a meaningful budget and loan proposal when seeking a loan under the Coronavirus Business Interruption Loan Scheme. (38407)

Tabled on: 21 April 2020

Answer:
Paul Scully:

The Government has now taken further steps to ensure that lenders have the confidence they need to process finance applications swiftly. We have changed the viability tests so lenders are only required to assess whether a business was viable pre-COVID-19. Any concerns over its short-to-medium term business performance due to the uncertainty and impact of COVID-19 cannot be taken into account in the loan decision. The applicant must however still satisfy the other eligibility criteria of the CBILS.

The answer was submitted on 05 May 2020 at 12:37.

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  • About John Redwood


    John Redwood won a free place at Kent College, Canterbury, and graduated from Magdalen College Oxford. He is a Distinguished fellow of All Souls, Oxford. A businessman by background, he has set up an investment management business, was both executive and non executive chairman of a quoted industrial PLC, and chaired a manufacturing company with factories in Birmingham, Chicago, India and China. He is the MP for Wokingham, first elected in 1987.

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