Preparing for a Coronavirus Business Interruption Loan Scheme (CBILS)
Whilst we all await the details with anticipation as lenders need to gear up to support businesses in their hour of need we thought we would suggest a few things you can get ready:
· A statement of how your business has been affected by Covid-19
· Last filed accounts – make sure these are the full accounts
· Recent Management accounts
· Cashflow forecast – detailed for 3 months and summary for 12 months
· Aged Debtors and Creditors ledger
· Details of what action you have taken to address the challenges you are facing
· Consider if you have reduced your own drawings or salary from the business, if not, why not
We are told lenders will have details during week commencing 23 March 2020.
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