UK accountants face delay in CBILS processes, reveals Capitalise.com’s study

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UK-based advisor-led funding platform, Capitalise.com’s survey revealed that around half of the accountants believe that the Coronavirus Business Interruption Loan Scheme (CBILS) application processing along with the time to get a response is too long and often results in worrying consequences for businesses. The company conducted the survey of UK accountants between April-May 2020, with 100 respondents.

The company stated that out of the 81,124 (approx.) CBILS applications, only 50% have been approved. With the delay in processing and response time, businesses are running at the risk of getting bankrupt at the end of every payday. The other 50% of the respondents (accountants) said that insolvency and recovery, dispute resolution and company valuations would be a key feature of their work in the coming six months. The study showed that 90% of the accountants have claimed to help their clients with access to CBILS over the past few months with 65% stating that they have not charged an additional fee for the service.

Paul Surtees, co-founder and CEO, Capitalise.com, said, “We work with accountants to help them to support the business owners. The fact that 50% of those surveyed will be adding insolvency, recovery and dispute resolution to their services indicates that there are challenging times ahead. We are committed to continuing to work with accountants to help make their position as a trusted advisor to SMEs, easier to manage.”