Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 4 weeks ago 47
I am in the midst of a development of a pair of semi-detached houses in South London. I am more-than half-way though the build. Labour and materials continue to find their way to site, so, the show continues. My builder and his contractors seem happy to be working. They appear to be following the social-distancing rule.
My issue is that, although the site continues to be developed and my builder will naturally require paying, my allocated funds for this project are ‘stuck’ in a queue (alongside many other people’s funds) at the capital provider’s platform. Until such time liquidity returns to the platform, my funds are being returned in very small amounts; far from the amounts I need to meet my invoices.
Does anyone have any knowledge and/or first-hand information on whether or not I am able to access temporary borrowing to pay my invoices through the CBILS? This borrowing would only be until such time my full requested funds are received by me.
Any thoughts or advice?
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