COVID-19: Business Bounce Back Loan Scheme



The Chancellor has announced a new 'Business Bounce Back' loan scheme due to launch on 4th May 2020. The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.


The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months.

The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme will be delivered through a network of accredited lenders.


Eligibility

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


Who cannot apply

The following businesses are not eligible to apply:


  • banks, insurers and reinsurers (but not insurance brokers)

  • public-sector bodies

  • state-funded primary and secondary schools


If you’re already claiming funding


You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.


More information about the scheme is due to be published shortly.

We will post relevant updates when further information becomes available.

Full newsletter: https://us19.campaign-archive.com/?u=93941cb7e1bd39e2e24663561&id=c996074eea

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