Covid-19 Business Update 6 – Thursday 2nd April 2020
Coronavirus Business Interruption Loan Scheme (CBILS)
Please see Update 3 (25th March 2020) for the full details of this scheme.
The banks are under increasing pressure to become more fluid and flexible in their lending criteria, but as we know this is a new and unprecedented process.
We have sought advice from our corporate finance partners and banking associates to ensure we as a business fully understand the new process and are in a strong position to help our clients achieve a swift and successful decision concerning their application.
At Lishmans, we have already put forward a number of applications, of between £25,000 and £250,000 in value, and are presently awaiting a decision.
We understand that time is critical and we aim to support you throughout the course of the application to ensure it can be processed as quickly and efficiently as possible, providing the additional information required by the lender for a successful outcome.
If you wish to make an application for the CBILS, please register your intention as soon as possible by emailing us on email@example.com, please state your bank contact details where possible.
Please see Update 1 released on 19th March 2020 for the full details of the grants available to businesses
£10,000 Small Business Rate Relief (SBRR)
Under this scheme all premises which receive Small Business Rate Relief or who operate in the hospitality, retail or leisure sector with a rateable value of £15,000 or less should automatically receive £10,000 if your rates are paid by direct debit as the local authority already has your business bank details.
Local authorities are expected to receive funds for the small business grants this week and they should be paid into bank accounts in the next 10 days.
Hospitality, retail or leisure businesses with a rateable value of between £15,000 to £50,999 should receive a £25,000 grant.
We are waiting further details of how to apply for this grant and we will continue to update you promptly once further information is released.
If you are eligible for any of the above two grants and have not received these into your bank account by 15th April, please contact the office on firstname.lastname@example.orgReturn to our Dedicated Page for Covid-19 Client Updates