The key deadline for Coronavirus Business Interruption Loans (CBILS) are as follows; ⇒ Firms have until 30 September 2020 to apply for the Coronavirus Business Interruption Loan Scheme (CBILS). ⇒ The deadline for banks to approve applications was extended by two months to 30 November 2020. ⇒ For the Coronavirus Large Business Interruption Loan Scheme (CLBILS), firms have until 20 October 2020 to get applications in. ⇒ Lenders receiving applications before the CLBILS deadline must complete the funding process before the end of December 2020. The British Business Bank wrote to accredited lenders confirming that they have until the end of November 2020 to consider and approve applications for the Coronavirus Business Interruption Loan Scheme (CBILS), effectively extending the deadline. Though applications for loans must still be in by 30 September 2020, clarity on the two-month processing period reduces pressure on borrowers and lenders alike. The bank also confirmed that the government has indicated that it will make an announcement on the future of the scheme next month. The deadline for approving loans under a related scheme for larger businesses, known as CLBILS, is 20 October 2020, with the consideration period for lenders running until 31 December 2020. MORE THAN £17BN ISSUED SO FAR ACROSS BOTH LOANS: New figures from the government reveal that more than 60,000 CBILS loans have been issued since the scheme launched, worth £13.7bn, along with 516 CLBILS loans worth £3.5bn. Under the CBILS, smaller businesses with turnover up to £45m can apply for finance. Support for SMEs includes invoice finance and asset finance up to £5m and for up to 6 years. Firms with a turnover of more than £45m can apply for up to £25m of finance through the CLBILS, while firms with a turnover of more than £250m, including those that exceed £500m, can apply for up to £50m. WHAT ARE THE TOP TIPS FOR CBILS LOAN SUCCESS?
- Avoid errors on the application form
- Know what type of finance/debt you are asking for and why