Member of Parliament for Clwyd South, Simon Baynes MP, recently asked the Financial Secretary to the Treasury in the House of Commons about the terms of the Coronavirus Business Interruption Loan Scheme (CBILS).
Mr Baynes asked Rt Hon Jesse Norman MP when the recently announced extension to the CBILS scheme – from 6 to 10 years – will come into effect. And emphasised the importance of the scheme to businesses in Clwyd South and the rest of the UK, who have been hard hit by the crisis, such as the wedding venue and hospitality industries.
Rt Hon Jesse Norman MP responded:
“We of course recognise the concerns that my Hon. Friend raises. We should be clear that the purpose of this extension is not simply to allow borrowers to request a 10-year term. It is that the guarantee offered by the Government on these schemes should be extended up to 10 years where lenders deem that a forbearance tool that borrowers may need and benefit from.
“My colleagues are working at pace with the British Business Bank to implement the policy in line with state aid rules.”
Speaking later, Simon Baynes MP said:
“Over the last year, we have seen the severe impact of Coronavirus on businesses and sectors in Clwyd South, throughout the rest of Wales and across the UK. And this has been keenly felt in sectors such as hospitality and the wedding industries.
“I am very pleased with the way in which the UK Government has protected and continues to protect jobs and businesses, via the Furlough Scheme, Kickstart and CBILS. And I know it is a top priority of my Ministerial colleagues in Westminster to ensure that as a Government, we protect the jobs and livelihoods of people, particularly in industries that have been devastated by the virus.”
