NEWS
March 23, 2020
Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies.
This will support your company if it has been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities.
It will also support corporate finance markets overall and ease the supply of credit to all firms.
Eligibility
All UK businesses are eligible.
How to access the scheme
The scheme will be available early in week beginning 23 March 2020.
We will provide information on how to access the scheme here shortly.
More information is available from the Bank of England
Barnes Roffe Comments
While the above appears to be for all eligible businesses it seems much more aimed at very large businesses who are rated companies. This means where do clients with more than £45m turnover, so can’t use CBILS (Coronavirus Business Loan Interruption Scheme), get support!
Need to wait for detailed guidance to be released on 23 March 2020.
PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in this document.
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PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these documents.
