COVID19 - Bounce Back Loan

Yesterday afternoon (27^th April 2020) the Chancellor announced another form of support for UK business with the Small Business Bounce Back Loan Scheme.

The details are yet to be issued. but this could be very useful for smaller businesses. The details we have so far are:

• Loans of 25% of turnover, up to a maximum loan of £50,000
• Simple application process
• 100% guaranteed by the government
• Fast Track application process (expected to be a 24 hour turnaround.
• No fees or interest for the first 12-months
• No repayments for the first 12 months
• Limited to smaller businesses

The scheme is planned to be up and running for 9am on Monday 4th May

The application process is planned to be a simple online form.

It is likely to be delivered by a range of banks and other lenders