Chancellor announces new 100 per cent government-backed loan scheme for small businesses

On 27^th April Chancellor Rishi Sunak unveiled the new Bounce Back Loans scheme enabling  some of the UK’s smallest  businesses to be able to borrow between £2,000 and £50,000 and therefore providing further help through the current crisis. This is in addition to other schemes available such as business grants, tax deferrals and the job retention scheme.

Applications are due to open on Monday 4 May 9:00am, with companies able to access loans through a network of accredited lenders.

The government will provide lenders with a 100 per cent guarantee for the loan and pay any fees and interest for the first 12 months.

There will be no need to perform any forward looking tests of businesses viability and  businesses will  need to fill out just a simple, quick, standard form. Businesses will not be required to provide  proof of turnover in the application process. 

Further information on the Chancellor’s statement here