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In some ways it does not seem like nearly six months ago when the Coronavirus Business Interruption Loan Scheme (CBILS) was launched.  In some ways, however, it does seem like a lifetime ago!

CBILS closes to new applicants from 30 September 2020

Unless there are further Government announcements, CBILS will close to new applicants on 30 September 2020.  Originally there was going to be a hard close on that day but now the lenders have until 30 November 2020 to process applications that are with them by 30 September 2020. Applications received after this date will not be eligible for CBILS funding.

We were contacted by one of the alternative lenders yesterday who advised that they were “currently experiencing high volumes of CBILS applications and we expect these volumes to increase significantly as the end of September deadline approaches. To help ensure that borrowers don’t miss out on the valuable benefits of CBILS, we are encouraging all potential CBILS borrowers and their advisers to start their CBILS application process as soon as possible. Providing the necessary supporting financial projections information is often a source of delay for borrowers, so we would urge them to prepare this information and supply it at the point of application if possible.This will help accelerate the funding process and avoid any potential delays caused by the high volumes of expected applications.”

I would anticipate that the other lenders accredited under the CBILS scheme would echo the above.

Bounce Back Loan Scheme (BBLS) closes 4 November 2020

Applicants to the BBLS have a bit longer to put in their applications as this scheme closes 4 November 2020. I am not sure whether this is a hard close or deadline for applications to be in by – I will let you know when we find out.

Interaction between the two schemes 

As a reminder, BBLS loans are capped at £50,000. If you have taken out a BBLS but now have reconsidered your cashflow forecasts and you require more funding, you can apply for a CBILS loan.  As reported by another of the accredited lenders yesterday “If you’re then successful, you will need to settle your existing BBLS loan. This is because you can’t hold both loans at any one time. You’ll need to ensure that you request enough funds to cover the cost of repaying your bounce back loan, in addition to the extra funds you want to request through CBILS.”

Other funding streams 

As a reminder – we are into the last few days where a business can claim for Small Business Grants Fund or Retail Hospitality and Leisure Grants Fund – see blog.

Also, worth a mention in the context of funding could be the Kickstart grants – we currently feel that grant could be used to procure financial projections work, for example, under the specialist professional advice element of the scheme(s) – see further at blog.

PKF Francis Clark

We have assisted a number of our clients to access CBILS backed products from a range of lenders.  If you have any queries on the above and/ or wish to discuss us working with you on a funding application please do not hesitate to contact your usual point of contact at PKF Francis Clark – but please note time is now of the essence…

FEATURING: Richard Wadman
Richard qualified as a Chartered Accountant with KPMG in 1993. Since 2006 he has worked in Corporate Finance, firstly with the predecessor firm in Truro… read more
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