Updated 17.12.20
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It was announced by the Chancellor on 17 December 2020 that the CBILS scheme would be extended to 31 March 2021 |
Since its introduction at the end of March, the Coronavirus Business Interruption Loan Scheme (CBILS) has helped many businesses both survive the initial impact of COVID-19 and have the resources to plan for the future with added confidence. Our current understanding is that the scheme itself will end on the 30th September 2020 and businesses who have not already submitted their application are urged to do so, before it is too late.
Allow sufficient time to submit your CBILS application
CBILS loan documents must be in agreed form and submitted to the British Business Bank portal by the lender before this date.
Due to the information required within the application process, it can take several weeks to reach the final stages. Applications not at this ‘final’ stage on 30th September, will not be processed, and lenders will have to either default to their commercial term loan offering or withdraw their offer completely.
Expectations are that there is likely to be a surge in last minute applications throughout September and this will put significant strain on the banking sector. Due to this demand, it is important to maximise the chances of a success by ensuring your application is well thought through and presented in such a way that avoids delays.
Begin your CBILS application while there is still time
If you think this may be of interest, we would advise getting in touch as soon as possible with our Corporate Finance team for a free eligibility check. We have already helped our clients raise millions using a wide-ranging list of lenders under the scheme, and we are therefore well placed to help you get the funding your business may need to not only survive but thrive.
Please do get in touch with your normal Shorts contact to talk things through.
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Martin Dean
View my articlesTags: Corporate Finance, Covid-19
