COVID-19 – Further support for businesses announced
The Chancellor has announced yesterday – 27 April 2020 – a new, simple and quick micro loan scheme.
From next week small and medium-sized businesses will be able to apply for the new Bounce Back Loan up to £50,000, or worth up 25% of turnover.
The government will pay the interest for the first 12 months and will guarantee 100% of the loan. There won’t be any fees to pay and no repayments will be due during the first 12 months.
The government will work with the accredited lenders to agree a low rate of interest for the remaining period of the loan. Loan terms will be up to 6 years.
It is possible to apply for a loan if your business:
- is based in the UK
- has been negatively affected by coronavirus
- was not an ‘undertaking in difficulty’ on 31 December 2019
Further details will be provided as soon as published
Please get in contact with us or visit our website for more updates.
