Government support schemes Coronavirus interruption loan scheme (CIBLs) and Bounce Back Loans (BBL)
Since the Covid 19 outbreak Government funding and support has been hugely helpful to many business owners.
Given the falling case numbers and success of the vaccination programme, we are all hopeful of seeing an end to the National lockdowns. All positive news!
To flip this, the Government have now taken a look at reducing funding support, which includes CIBLs and BBLs.
The following gives some detail of the two funding options:
Who? Limited Companies and Limited Liability Partnerships Limited Companies, Limited Liability Partnerships and Sole Traders
What? Overdrafts of £50,001 to £150,000
Loans of £50,001 to £250,000 Loans up to £50,000
Application deadline 31st March 2021 31st March 2021
Clearly the key piece of information here is the Application deadline of 31 March 2021.
Source material – https://www.british-business-bank.co.uk/finance-hub/covid-19-support/
If you haven’t taken on any funding during the pandemic, it is worth plotting out your business cashflow for the next 3, 6, 9, 12, 18 and 24 months. This will give you an indicator of whether funding will be needed.
NB VAT deferred from 2020 will need to repaid soon, so building this into your numbers is critical.
We can help
Remember, the Steven Burton & Co team are here to help you. If you need a sounding board, some advice or a steer in the right direction, then please don’t hesitate to get in touch.
This material has been prepared for informational guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, information contained may not be comprehensive. Furthermore it is not intended to provide, and should not be relied on for, tax or accounting advice. Steven Burton & Co Limited can not accept any liability for any errors or omission or for any person acting on or refraining from acting on the information provided.
David is an Accountant with over 15 years’ experience in helping a large number of different business owners in numerous sectors from consulting agencies to every area of construction you can think of.
At home dealing with numerous different types of accounting software from Xero to QBO and everything in between. David is always on the lookout for new technology to help business owners to create more time for themselves and their teams.
With a healthy ambition of never resting on the results of yesterday, David is at his best when working with ambitious business owners who want to improve their businesses for eventual sale.
In his spare time, David is often found cheering on his two boys at football, building Lego (which he pretends is for his boys) or watching the latest TV series on Netflix.