27/04/2020

Small businesses boosted by bounce back loans by HM Treasury – 27 April 2020

New 100% government backed loan scheme for small business announced by Rishi Sunak, Chancellor of the Exchequer at HM Treasury

Today, we’re announcing a new micro loan scheme. A simple, quick, easy solution for those in need of smaller loans. Businesses can apply for new Bounce Back Loans up to a maximum of £50,000, or 25% of turnover, with the government paying the interest for the first 12 months. We’ve been in close talks with the banks in recent days and these loans will be available from 9am next Monday, 4 May 2020. 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. For most firms, loans should arrive within 24 hours of approval and I have decided, for this specific scheme, that the government will support lending by guaranteeing 100% of the loan. https://lnkd.in/gquhCUu

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