Financial support for owner-directors and review CBIL repayment scheme

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Financial support for owner-directors and review CBIL repayment scheme

Petition Details

The Government should provide urgent financial support for owner-directors who missed out as they were ineligible for SEISS, and the CJRS was insufficient. The Coronavirus Business Interruption Loan Scheme (CBIL) repayment model should be reviewed so businesses are not put at risk.

Additional Information

Through the Coronavirus Job Retention Scheme (CJRS), owner-directors, also known as owner-managers, who paid themselves through salary and dividends were entitled to the equivalent of a third of the minimum wage. We are the spine of the Economy, small in size, however the 1.6 million of us who were deemed ineligible for the SEISS provide jobs, pay our taxes, and adhere to the Government rules whilst larger businesses have the financial capacity to cope.

Businesses were given the impression that a 10 year period to repay CBIL loans would be straightforward, however there are concerns that banks’ requirements in order to grant this extension are negatively affecting businesses. The Government should review this scheme to ensure businesses are not put under further excess pressure.

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