Whilst over 1.23m businesses have already taken advantage of the government-backed loans, to the tune of over £53bn, many businesses will still be holding off to understand the full impact of Covid-19 on their operations.

It is to be welcomed, therefore, that - as the cutoff for applications approaches - lenders providing CBILS and CLBILS loans have been given further clarity as to the deadline for approving funding.

Capital repayment holidays provided to borrowers will begin to come to an end toward the end of 2020 and we have not yet seen the effects of the end of the furlough scheme, rate reductions or VAT deferrals, each of which are likely to be felt early 2021.

Strains on cashflows are therefore likely to continue. It is reassuring to know that it is not too late for businesses of all sizes to approach their lenders for the support they may need.