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The Coronavirus Bounce Back Loan

The chancellor has announced a new coronavirus crisis aid scheme, offering small businesses up to £50,000 in loans that will be 100% guaranteed by the government.

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 and 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 microloan scheme will be in place from Monday 4 May 2020, with applications to banks via a simple form.

Further information regarding this scheme can be found on the gov.uk website here.