The Coronavirus Business Interruption Loan Scheme (known more affectionately as CBILS!) has supported many UK SME’s who were adversely affected by the Covid-19 pandemic and lockdown.
However, time is running out for businesses that want to secure finance under the scheme.
The scheme is scheduled to close on 30th September. Therefore, any small businesses who seek finance under the scheme need to ensure that they have applied before time runs out. The government have allowed a period of three weeks after the deadline to finish processing outstanding applications.
CBILS loans were just one of the measures introduced by the Government to support small businesses. Not all the measures have been snapped up – for example in August, it was claimed that grants totalling £1.5bn were still sitting in local councils’ bank accountants, yet to be claimed by businesses!