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 Interuption 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 9am 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
I’m delighted that Charlotte is part of our team at Smart and Zedbox.
Her HR experience is unparalleled. She delivers her advice and implementation with real precision – combined with a great empathy. She’s a real professional: bright, intuitive and insightful. She’s a real pleasure to work with and she brings a clarity and depth to all our thinking.
Working with Charlotte gives us the confidence to train, develop and manage our entire team to ensure we’re a progressive, second-to-none employer with world class ambitions.