Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) was introduced to support UK businesses during the Covid-19 pandemic, with many hotels relying on it to survive prolonged periods of low or no revenue. Our coverage looks at how hoteliers accessed these loans to manage cash flow, retain staff, and maintain operations during lockdowns. We also report on the financial pressures many now face as repayments fall due, with limited flexibility compared to other schemes. For hospitality professionals, this provides critical insights into pandemic recovery, long-term debt planning, and calls for further support to aid sector resilience.
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Jan- 2021 -21 JanuaryCoronavirus
Chancellor considers adding furlough extension to March budget
Chancellor Rishi Sunak is reportedly considering another extension to the government’s Job retention Scheme (JRS) as it continues to try and mitigate the impact of covid-19 on the UK economy. According to Bloomberg, Sunak is considering a fifth extension to the furlough scheme that will cover roughly 5 million workers…
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Dec- 2020 -17 DecemberCoronavirus
Furlough scheme extended until April 2021
The furlough scheme has been extended until the end of April 2021 with the government continuing to contribute 80% towards wages to employee’s pay, Chancellor Rishi Sunak has confirmed today (17 December). The government will also extend current government-guaranteed Covid-19 business loan schemes until the end of March. This includes…
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Sep- 2020 -4 SeptemberEconomy
Over 58,000 hospitality jobs at risk in Scotland
Over 58,000 jobs in the Scottish hospitality sector are at risk, according to research carried out by The University of Edinburgh’s Business School. According to a new report, in collaboration with London-based fintech company Wiserfunding, 25% of hospitality businesses in Scotland could ‘‘go bust’’ post-lockdown without significant assistance. The university’s…
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Aug- 2020 -18 AugustUncategorized
CBILS – Why it’s important to the hospitality sector and how it could help you
The Coronavirus Business Interruption Loan Scheme, delivered through 60+ British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the COVID-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who…
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Jul- 2020 -10 JulyHotels
Torquay Leisure Hotels secures £1m CBILS facility
Torquay Leisure Hotels has secured a £1m Coronavirus Business Interruption Loan Scheme (CBILS) facility from Santander UK. Torquay Leisure was forced to close its doors on 20 March causing its income to stop overnight with 359 of its staff were placed on furlough during the uncertainty. The finance package has…
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Jun- 2020 -2 JuneHotels
Isle of Skye Hotel secures six-figure loan from Bank of Scotland under CBILS
The Kinloch Lodge hotel on the Isle of Skye has secured its future with the support of Bank of Scotland after “losing over a thousand bookings because of the Covid-19 pandemic”. The 19-bedroom family-run hotel said it “heavily relies” on revenue from international tourists so the ban on overseas travel…
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May- 2020 -6 MayEconomy
Business rates revaluation postponed until 2022
A revaluation of business rates will no longer take place in 2021 in line with the government’s latest efforts to “reduce uncertainty” for firms affected by the ongoing pandemic. Communities Secretary Rt Hon Robert Jenrick MP confirmed that legislation has now been introduced to bring the next revaluation forward by…
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Apr- 2020 -27 AprilEconomy
Chancellor announces 100% guarantee on small business loans
Chancellor Rishi Sunak has announced the launch of a new ‘bounce back’ emergency loan scheme for small businesses, which will offer 100% guarantees on emergency loans. Today (27 April) Sunak told the House of Commons that the scheme would begin next week, offering SMEs loans of up to £50,000. The…
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24 AprilCoronavirus
Windermere hotel secures £200k funding
A luxury Windermere hotel announced it has secured £200,000 funding from Barclays in order to support it during the ongoing pandemic. The four-star Beech Hill Hotel and Spa, located on Lake Windermere, was forced to close its doors in light of the nationwide lockdown. The new facility will allow the…
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17 AprilAdvice
How to keep your business on track during the Covid-19 storm
During what is likely the most turbulent and troubling period for the majority of the world’s businesses, Governments across the globe have released initiatives to provide support and protect their respective economies. In Germany and Switzerland, for example, Governments have offered 100% backed business loans. In the UK, Rishi Sunak…
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