Bounce Back Loan Scheme
On 27 April 2020, the Chancellor of the Exchequer, Rishi Sunak MP, announced a new coronavirus loan scheme – Bounce Back Loans. The Chancellor has said that for this scheme, the Government will support lending by guaranteeing 100% of the loan. The details are included below:
- Businesses can apply for new Bounce Back Loans worth up to 25% of turnover, up to a maximum of £50,000, with the Government paying the interest for the first 12 months.
- The loans will be available from banks from 9.00am on Monday 4 May 2020.
- There will be no-forward looking tests of business viability and no ‘complex eligibility criteria’.
- Businesses will have to complete a ‘simple, quick, standard form’.
- For most firms, loans should arrive within 24 hours of approval.
More information can be found on the GOV.UK website here.
Get in touch
If you have any questions please get in touch with our usual MHA Henderson Loggie contact, or fill out the contact form below.