14 September
By Victoria Wainwright
Categories: Government/Business/HMRC/Industry News/COVID-19

Application deadlines for CBILS and BBLS

Application deadlines for CBILS and BBLS
At present, the Coronavirus Business Interruption Loan Scheme (CBILS) is due to close for new applicants on 30th September 2020. 

CBILS is a scheme which was initially announced in the budget on 11 March 2020 and updated in a separate announcement on 3 April to provide finance to small and medium sized businesses which have been impacted by Covid-19. 

The scheme covers different finance products (term loans, overdrafts, invoice finance and asset finance) and are covered by an 80% government guarantee. The scheme is being administered through the British Business Bank (who were founded in 2008 as a response to the Global Financial Crisis). 

The final date for approval by lenders in 30 November 2020. The deadline for approving larger CBILS has been set for December 31. The government retains the right to extend these dates and so may be subject to change and we will let you know if this becomes the case.
You can find out more about the CBILS in our previous factsheet here.

Bounce Back Loan Scheme (BBLS) application deadline

On 27th April 2020, the Government also announced a new scheme called the Bounce Back Loan Scheme (BBLS), which has been introduced to allow small and medium-sized businesses to apply for loans of between £2,000 and £50,000, with a 100% government-backed guarantee.  

Businesses have been given a little more time to put in their applications for the BBLS which has a closing date of 4 November 2020. It is still unknown as to whether this is a hard close or a deadline for applications to be received by and so we will be able to provide an update as soon as further information is available.

We’re here to help
Businesses considering whether to apply for a CBILS loan should speak to a member of the Naylor Wintersgill team to determine the offering which best fits the business. We can also help collect the required information and make the loan application on your behalf with the bank.

We can work with you to facilitate discussions with your bank and/or explore other alternative funding sources. Naylor Wintersgill has considerable experience in this field and has strong relationships with a variety of financial institutions and professional contacts giving us a number of opportunities in respect of obtaining the most appropriate financial support for your business during this time.