Lockdown 2.0 Update November 2020
It’s fantastic that the furlough scheme is fantastic being kept on until 31st March 2021. There could have been a lot of businesses in trouble in regards to keeping and retaining staff if that hadn’t been extended.
Bounce Back Loans
There is a possibility now that an existing bounce back loan can be revisited.
Beforehand you were allowed to visit that once and even if you weren’t taking that fifty thousand you weren’t allowed to revisit it, you are now allowed to do that. It is worth noting that you can only top up your bounce back loan with the same lender who lent you the first one. E.g. If you have £30,000 from NatWest you have to go back to NatWest for the £20,000 remaining.
There is that fifty thousand pound limit which is still in place. If you are to say take forty thousand and you weren’t allowed to revisit it, you are now allowed to take that ten thousand which would be on top but it is still at the fifty thousand pound limit.
CBILS will still be going ahead. But again, if you have taken your two CBILS and the twenty five percent of your annual turnover, then again you can’t revisit it.
If You Have Reached The Government Restrictions
These updates open up a couple of different avenues for businesses that weren’t there before the second lock down.
But there are still some restrictions in place for businesses. That means that they then cannot go ahead and retrieve any more money from the government.
So that’s where we will. That’s where that commercial lending focus will be. All of our lenders are still working full time and are still really eager to lend money.
Any Restriction On Industries?
There were a lot of industries that were cut off in the first lockdown. The hospitality sector, pub and restaurants, those type of businesses were just a complete no go. If we were to pass those across the lenders, we would get a no straight away.
That isn’t the case at all now, pubs and restaurants are still more than viable to get in touch with us. And we believe that we would still be able to see lending opportunities.
Because we can see a light at the end of the tunnel, that there is a deadline this time around it’s a different situation to the first lockdown.
Lenders can see that even the pubs and restaurants, those types of businesses would still be okay to lend at this point and it would be feasible for them to do so.
Whether you have taken your quota of bounceback or CBIL we are here to help and guide you through. Lenders are keen to back businesses and we want to help make that happen, matching you with the right lender. So get in touch today.
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