The funding packages for distressed businesses have begun to come on stream, with the Coronavirus Business Interruption Scheme (CBIL) launching through forty banks on 23rd March 2020. There have been teething problems, particularly around banks requiring personal guarantees and the challenge of implementation as banks themselves are under strain.
The Bank of England’s Covid-19 Corporate Financing Facility (CCCF) has also launched, enabling funding of investment grade firms.
A challenge still remains around mid-sized firms who are too big for CBIL and not investment grade, and we await further information regarding these.
These notes have been prepared for the purpose of an article only. They should not be regarded as a substitute for taking legal advice