In a new announcement on Monday from Chancellor, Rishi Sunak, a new Government backed Bounce Back Loan Scheme has been made available for small businesses affected by the Coronavirus outbreak, including sole traders, entrepreneurs and micro-firms.
Our occupier LWA’s latest blog focuses on some of the key points available currently:
- You’ll be able to apply for loans from £2,000 to £50,000 up to the value of 25% of turnover.
- The loans will be 100% backed by the Government.
- No interest will be payable for the first 12 months.
- No repayments will be required for the first 12 months with loan terms available up to 6 years.
- Applications will be open to be made via a simple online form, which will go live on Monday 4th May.
- Funds will be provided through approved lenders and could be in your bank account within as little as 24 hours.
- If you have already applied for the Coronavirus Business Interruption Loan Scheme (CBILS), you cannot apply for the new Bounce Back Loan Scheme, however you can speak to your lender about transferring your CBILS to the new scheme before 4th November 2020.
For more information on financial support and the help available, please visit: https://www.lwaltd.com/blog/coronavirus-new-100-government-backed-loan-scheme-announced
