COVID-19 Funding – Please read!

Coronavirus, Finance, Planning,

We’ve been talking to clients about their funding around Coronavirus since CBILS were first mentioned during the Spring Budget on March 11th. There have been SO many developments that it seems to have been a subject that has been running for years rather than months!

BUT it’s been running for so long, and has been the subject of conversation with so many clients for a very good reason.

The problem is that from a conversation this morning we know that not everyone has seen all that we’ve published. The clock is ticking on getting access to this funding, that might be the difference between your business surviving or not so we really wanted to sound the alarm again.

The key driver is that the deadline for CBILS applications is 30th September. No new applications will be accepted after that date.

If you are not 100% sure that you have all of the funding that you’re going to need to get you through, NOW is the time to act.

  • Episode 114 of BaranovTV summarised the deadlines, and the options that might be helpful. If you haven’t watched it, you might want to do so.
  • If it’s easier for you, the transcript is here.
  • If you can’t face watching the video, or reading the transcript, do get in touch.

In a very brief summary:

  • It is possible to apply for a CBILS loan if you have already taken out a Bounce Back loan but need more cash.
  • You will need to repay the Bounce Back loan in full as part of the process, so allow for that in your calculations.
  • The application criteria for CBILS loans have been relaxed from the initial announcements, and more successes have been reported.

We’ll happily run you through the content if you’d like us to. We really don’t want you to miss this chance to get hold of cash that you might need!

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