As the nation now faces more stringent procedures in order to slow down the infection rate of COVID-19 and more movement is restricted, those with businesses are looking to understand how some of the measures announced can be put into practice.
The various institutions that will implement and manage some of these new schemes are working hard to put together their plans and instructions and we will be bringing those to you as soon as the information is released.
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) went live 23rd March 2020. There are several banks offering this scheme, and your first port of call should be to speak with your Relationship Manager.
Following conversations with our bank contacts, it is clear that whilst they will be working hard to provide this funding, it will still take many man-hours to arrange and process an application, and so we expect that banks will be focusing initially on their current customers.
We have been advised that businesses will be expected to have explored other avenues, such as VAT deferment and furloughing employees. It’s worth noting that should a business have already been turned down for a loan by one bank then they are unlikely to be approved by another. Therefore, other lending may need to be considered.
Rayner Essex LLP are here to provide you with any assistance or advice that you need during these difficult times, so please do contact your Client Partner, Director, or Manager to help you through this process. We are all working from home and available to liaise with you and your bank to help you achieve your needs.
The British Business Bank Website has details on the how the scheme should operate and includes the following FAQ helpsheet:
The list of banks partnering with the British Business Bank can be found here:
And below are links to four of the main banks offering loans under this scheme:
As ever, your usual points of contact at Rayner Essex are here to discuss the issues with you and assist with exploring the way forward.
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