UK Government launches Bounce Back Loans scheme
The UK Chancellor of the Exchequer Rishi Sunak has announced a new loan scheme designed to ensure that smaller firms who need vital finance to keep operating can get loans rapidly.
Through the Bounce Back Loans Scheme businesses will be able to borrow between £2,000 and £50,000 and access the cash within days.
The Government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
The loans will be easy to apply for through a short, standardised online application and should reach businesses within days- providing immediate support to those that need it as easily as possible.
The scheme launched for applications on Monday 4 May. Firms will be able to access these loans through a network of accredited lenders.
More information on this announcement is available here: https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans
The Government has also published the following guidance, setting out a full package of measures to support public services, people and businesses through this period of disruption caused by COVID-19: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses