Your Coronavirus Business Survival & Recovery Guide - Flipbook - Page 12
CBILS (Coronavirus Business
Interruption Loan Scheme):
This is a fantastic scheme and a lifeline to business
but take heed of the “health warning”:
1. Government has declared that there will be help for all business who
suffer losses through the effects of Coronavirus through the CBILS. This is
not quite the case.
2. Banks who are administering the scheme are taking slightly different
views on who qualifies and want to see businesses using all of their own
funds, borrowing more out with the scheme if they can, using HMRC
deferrals and delaying payment to creditors. This may cause a business
serious issues as they start to implement the recovery plan.
3. Businesses will need to put up a robust case for CBILS funding otherwise
they will not be allocated this lifeline which in many cases could be the
difference between survival and failure.
4. By following the steps in the plan described above you will be best placed
to convince your bank manager that you are entitled to CBILS loans.
Update 27 April 2020
The Government has now announced a
simplified route to access up to £50,000
of funding under the coronavirus business
interruption loan scheme. The process will now
allegedly be easily accessed online, turned
around quickly and be 100% guaranteed by the
Government. This is going to be a very popular
and much needed source of cash for many
businesses, but advice and care should still be
exercised in accessing it as it is a loan and is
repayable. More detailed information has yet to
evolve, however regular updates can be found
on our website news hub.