The deadline for the completion of all CBILS applications has now been extended to 30 November 2020.
Update: On the 17th December the Government announced that the Coronavirus Business Interruption Loan Scheme (CBILS) will now be extended until 31 March 2021.
No sooner had we reminded you the CBILS (Coronavirus Business Interruption Loan Scheme) application process was coming to an end in our blog ‘CBILS: Act now before it’s too late‘ on the 14th August, the British Business Bank announces a change!
Previously the deadline for the completion of all CBILS applications was 30 September 2020. The CBILS deadline has now been extended to 30 November 2020.
It’s important to note the CBILS 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.
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.
We can support you in all stages of the funding process and position your company in the best possible light for securing finance. For further information on how we can support you with funding then visit our Corporate Finance page.
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