Should you be reviewing your businesses’ finances? … Time might be running out.

August 26th, 2020     Covid-19 Business Support

Depending on what sector your business is in, the economic world your business operates in can change quickly and there are likely to be more changes and uncertainty as we move into the winter. Coupled with the phasing out and withdrawal of the Coronavirus Job Retention Scheme (Furlough Scheme) pressure on businesses and business owners is not letting up.

So now may be a good time to consider your financing options as we go into winter, what could it look like for you? Will you have enough cash to see you through? If you took out a Bounceback Loan (maximum £50,000), this may have looked like it was going to be enough when you took it out, but is this going to be enough now?

The Coronavirus Business Interruption Loan Scheme went live on Monday 23 March 2020 and will initially run for six months. This means the scheduled end date is in September. You can’t have both a Bounceback loan and a CBILS loan, but you could repay a Bounceback loan out of a CBILS loan.

Certainly worth having a look at.

If you need any help with this, get in touch with me on 01803 296678 or email andrew.price@andrewprice.co.uk

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