Some 50% of accountants feel that the Coronavirus Business Interruption Loan Scheme (CBILS) application process and the time it takes to get a response is “too long”.
According to a new survey by adviser-led funding platform, Capitalise.com, more than 81,124 CBILS applications have so far been made but only 50% have been approved.
Some 50% of accountants also suggested that insolvency and recovery, dispute resolution and company valuations will be a key feature of their work in the coming six months.
The research showed 90% of the accountants surveyed confirmed that they have helped their clients access CBILS over the past few months, with 65% confirming they are not charging an additional fee for the service.
It said without access to this critical funding to support cash flow, businesses run the risk of being left bankrupt after every payday, signalling another impending crisis point as of the end of May.
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.”