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Small Businesses Boosted by Bounce Back Loans
Bounce Back Loans
On 27th April 2020, the Chancellor Rishi Sunak announced a new Bounce back scheme which should be a quicker and easy solution for those in need of smaller loans. You will recall that the CBILs (Coronavirus Business Interruption Loan scheme) minimum loan amount was £25,000 which was too much debt for many small businesses to contemplate taking on.
The Bounce back loan scheme will be:
- Loans from £2,000 to a maximum of £50,000 or 25% of turnover
- the government will pay the interest for the first 12 months
- available from banks from 9 am 4 May 2020
- Loans should arrive within 24 hours of approval
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.
At present, it seems that 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 current guidance confirms that you cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).
The scheme opened for applications on Monday 4 May and firms will be able to access these loans through a network of accredited lenders.
Access our full range of HR guides on the Coronavirus Support Hub
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If you have any immediate or urgent issues get in touch with us to discuss your options in these tough and uncertain times.
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