21 August 2020
No sooner had we reminded you the CBILS (Coronavirus Business Interruption Loan Scheme) application process was coming to an end, the British Business Bank announces a change!
Previously the deadline for the completion of all CBILS applications was 30 September 2020. That has now been extended to 30 November 2020.
It’s important to note the deadline for submitting applications remains 30 September 2020. If you have not submitted your application by this date, you may not be eligible for a loan. The additional two months grace provides both lenders and borrowers the opportunity to finalise paperwork in a more realistic timeframe.
Many organisations and senior individuals are continuing to lobby for an extension to the CBILS lending deadline. With the furlough grant scheme coming to an end in October, I am sure many businesses will welcome the opportunity to obtain further financial support to help them navigate future challenges.
We are of course at the behest of the British Business Bank and the Government. Should there be any changes, we will inform you immediately.
Don’t forget, a CBIL can take many forms, such as invoice discounting facilities, loans and overdrafts. They are interest free for the first 12 months and in many cases, repayment free for 12 months.
Our previous blog provides some noteworthy points to consider when applying.
Should you need any help understanding your finance needs, support in applying for funding or you are unsure whether a CBIL is right for you then please call Stuart Hutchison on 07590 440643 or email s.hutchison@uhy-uk.com
