{"id":20001,"date":"2020-03-19T16:04:53","date_gmt":"2020-03-19T16:04:53","guid":{"rendered":"https:\/\/smh.group\/?p=20001"},"modified":"2023-02-15T13:51:52","modified_gmt":"2023-02-15T13:51:52","slug":"smh-update-on-covid-19-19th-march-2020","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/smh-update-on-covid-19-19th-march-2020\/","title":{"rendered":"SMH Update on COVID-19 \u2013 19th March 2020"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>Coronavirus Business Interruption Loan Scheme (CBILS)<\/strong><\/h3>\n\n\n\n<p>Further information has been released by the British Business Bank regarding the funding options that will become available from Monday the 23rd March.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Key Information:<\/strong> <strong>Coronavirus Business Interruption Loan Scheme (CBILS)<\/strong>  <\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Not all banks\/funders are participating in the scheme. The current known partners are listed here:\u00a0<a href=\"https:\/\/www.british-business-bank.co.uk\/ourpartners\/coronavirus-business-interruption-loan-scheme-cbils\/accredited-lenders\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">https:\/\/www.british-business-bank.co.uk\/ourpartners\/coronavirus-business-interruption-loan-scheme-cbils\/accredited-lenders\/<\/a><\/li><li>Applications are likely to be in a standard format, with a far quicker decision process.<\/li><li>A number of funding options are available. Dependant on the lender there will be term loans, invoice finance, overdrafts or asset finance.<\/li><li>If your application is seen to be a \u2018sound\u2019 proposition\u00a0with\u00a0sufficient security, the government will not offer this scheme, but the bank will lend on standard terms.<\/li><li>If your application is \u2018sound\u2019 but\u00a0without\u00a0sufficient security, this is where the government will step in.<\/li><li>Your business is still liable for 100% of the debt.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What next?<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The government have stated that they are not going to release any more information regarding the application process until Monday. What we do know, is that it\u2019s&nbsp;<em>likely<\/em>&nbsp;to be a standard application. With that in mind, if you require funding you may wish to start gathering information such as<ul><li>Last 6 months bank statements for the business and directors<\/li><li>Last 2 years accounts<\/li><li>Recent management accounts<\/li><li>Asset &amp; Liability statements for directors<\/li><li>Details of current debt in the business<\/li><li>Forecasts if available<\/li><\/ul><\/li><li>Clearly there is going to be huge demand, so having the info above may speed things up.<\/li><li>Consider which funding option and institution is right for your business.<\/li><\/ul>\n\n\n\n<p><strong>PLEASE CONTACT US ON 0114 266 4432 TO REGISTER YOUR INTEREST FOR THE APPLICATION PROCESS.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Further information has been released by the British Business Bank regarding the funding options that will become available from Monday the 23rd March.<\/p>\n","protected":false},"author":4,"featured_media":20002,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[366,496,499,494,498,283],"class_list":["post-20001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-banks","tag-business-interruption-loan-scheme","tag-cbils","tag-coronavirus","tag-covid19","tag-funding"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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