Right now (mid September 2020) the media are shouting about the end of the furlough scheme, but the closing date for applications to the CBILS scheme at the end of this month seems to be slipping by with less interest.

Most businesses that I come across have taken advantage of the Bounce Back Loan scheme, even if they didn’t need it, but in some cases this is not going to be enough to support their cashflow over the winter. With just two weeks left now is the last chance take advantage of the government security and zero fees offer.

So what’s the action plan?

First I would revisit the cashflow forecast; it would be naive to suggest that we know any more about what will happen over the next 6 months than we did in a similar position 6 months ago, but we have more evidence to see what the impact of seismic changes is on our specific circumstances.

Don’t forget that any VAT deferred in March will have to be paid back in early 2021.

Even if you have already applied to your bank unsuccessfully there are opportunities to access CBILS through “alternative” lenders like Funding Circle and I have even seen marketing from IWOCA so you can shop around, and in doubt contact advisers to test the water.

The critical thing to do however is to check on the cashflow forecast, to make sure that you are making decisions about the future rather than being a passenger on the ride!

Check out my guide to applying for CBILS support here: Government support