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Boost for small businesses. New 100% government backed loan scheme

bounce back loans

The Bounce Back Loans scheme, announced yesterday by the Chancellor will provide loans of up to £50,000 to the smallest businesses affected by the coronavirus pandemic. This is in addition to the existing package of support available to these firms.

The scheme is designed to fill a gap in the existing help offered to businesses and will run alongside the current Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS).

The Bounce Back Loans Scheme

Sole traders, micro-businesses and entrepreneurs can apply for the loans of between £2,000 and £50,000 online, using a short, simple form. These loans will be interest free for the first 12 months and will be 100% government backed.

Businesses will be able to apply from 9am on Monday 4th May, by completing a short online form
Loans, for 25% of turnover, up to a maximum of £50,000 are available
No forward looking test on viability
The Government meets the interest for the first 12 months
100% Government backed
Loans should arrive within 24 hours of approval

For further information
Visit Gov.uk website: Small businesses boosted by bounce back loans
New online tool makes it easier for business to find available support
Job retention scheme and furloughed employees FAQs

If you would like to discuss the Bounce Back Loans Scheme or the range of other support available to your businesses during the COVID-19 crisis, please do get in touch with the team at DRG Chartered Accountants. We would be very pleased to hear from you.

DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.

Posted 4 years ago 1 Minute(s) to read

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