We hope everyone is currently safe and well. On 27 April, a new 100% government backed loan scheme was announced for small and medium sized businesses – the Coronavirus Bounce Back Loans scheme.
Coronavirus Bounce Back Loans scheme key facts:
- Eligible businesses will be able to borrow between £2,000 and £50,000.
- The government will guarantee 100% of the loan.
- There will not be any fees or interest to pay for the first 12 months.
- Loan terms will be up to 6 years.
- No repayments will be due during the first 12 months.
- The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
- The scheme will be delivered through a network of accredited lenders.
You can 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
- The scheme will be delivered through a network of accredited lenders
If you are already claiming funding:
- You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).
- If you have already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
Launch Date: 4 May 2020. More information will be published shortly.
For more details go to: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
Coronavirus Support Finder
Coronavirus support is available to employers and the self-employed. You may be eligible for loans, tax relief and cash grants. Are you accessing all the support available for you and your business?
Follow this link to use the gov.uk support finder: https://www.gov.uk/business-coronavirus-support-finder
If you need further information or guidance in respect of your own circumstances, please do not hesitate to contact your Engagement Partner here at Sibbalds. We are here to support you.