RAYMOND BENN & CO – CORONAVIRUS (COVID-19) – GOVERNMENT LAUNCHES SMALL BUSINESS MICRO LOAN “BOUNCE BACK” SCHEME – 28.04.2020

As part of our response to the ongoing coronavirus (Covid-19) situation and the impact it is having on you/your business, we will continue to keep you updated with the latest news on government backed schemes in order to provide help and support during these difficult and unprecedented times.

Government launches small business micro loan “Bounce Back” scheme:-

As part of the government's measures to mitigate the economic damage caused by the coronavirus (COVID-19) lockdown, Chancellor Rishi Sunak has just announced a new loan scheme for smaller businesses that will benefit from a 100% government-backed scheme.

The 'Bounce Back Loan Scheme' will allow small businesses adversely affected by COVID-19 to apply for up to £50,000, with the government guaranteeing 100% of the advance if the business is unable to meet its loan obligations.

Businesses can apply for a minimum of £2,000, up to a maximum of £50,000, or up to 25% of business turnover, with the government paying the interest for the first 12 months and any other fees associated with the loan set-up. Further to this, no loan repayments will be required for the first year.

The scheme will open at 9am on Monday 4th May 2020, with applications made through a simple online form, and, according to the Chancellor, most loans will be paid within 24 hours of approval. Businesses will be able to access the loans through the existing network of accredited lenders.

We continue to wish you all the best during these extremely difficult times.