Submitted by Matt Portt on Thursday 30th April 2020
Published on Monday 13th July 2020
Current status: Closed
Closed: Wednesday 13th January 2021
Replace the undertaking in difficulty requirement in CBILS and Bounce Back loans
Simply put, find a way to remove the undertaking in difficulty test from the CBILS and Bounce Back loan schemes.
The EU has issued a temporary framework to ease the burden and the Government has not commented on why the condition still remains in its current form.
Part of the EU undertaking in difficulty test states a company over 3 years old should not have utilised (lost) more than 50% of its issued share capital.
All start up companies invest in innovation and growth in their first few years and would utilise the equity funds raised for this purpose. This does not mean they will be unable to pay the loan, the test ignores current profitability or assets held in the balance sheet i.e. stock.
Great small companies are being excluded from support!
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126.96.36.199 Wed, 27 Jan 2021 07:26:47 +0000