Bounce Back Loan for Small and Medium-Sized Businesses
The government’s coronavirus Bounce Back Loan is available to businesses affected by COVID-19 from 4 May 2020.

The scheme helps small and medium-sized businesses borrow between £2,000 and £50,000.

The loans are to be 100% government-backed. Businesses can apply for 25% of their turnover. Loans can be paid back over a maximum period of six years, with no repayments or interest due within the first 12 months. The government is negotiating a low rate of interest with the accredited lenders who will deliver the scheme.

Chancellor Rishi Sunak said: “There will be no forward-looking tests of business viability; no complex eligibility criteria; just a simple, quick, standard form for businesses to fill in.” Businesses will be able to apply via an online form and will receive loans within 24 hours of approval.

Who is Eligible?
You can apply for a loan if your business:
  • is based in the UK;
  • has been negatively affected by coronavirus; and
  • was not an ‘undertaking in difficulty’ on 31 December 2019.
You are not able to apply if you are already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS). In addition, this funding is not available to state-funded schools (primary and secondary), public sector organisations, plus banks, insurers and reinsurers. (Insurance brokers are able to apply.)

Applying for a Bounce Back Loan
Details of how to apply will be available in time for the launch date of 4 May 2020. Watch this space!

In the meantime, please contact us if you have any queries. Plus, you are welcome to review the support available to business during the current times by visiting our COVID-19 Update page.
 

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