Yesterday (27 April), the Chancellor Rishi Sunak announced Bounce Back loans. Small businesses are to get access to these loans after concerns were raised about slow access to existing coronavirus loans and schemes.
The new scheme is expected to launch on 4th May, offering businesses loans up to £50,000 within days of applying.
It aims to unlock a backlog of credit checks by banks amid fears many small firms could fold before getting loans. The scheme requires filling in a two-page self-certification form online.
The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
For more information on the scheme, click here.
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Please note that the above is for general information only and does not constitute financial or tax advice. You should not rely on this information to make or refrain from making any decisions. You should always obtain independent professional advice in respect of your own situation.
