Business Bounce Back Loan
Are you a small, UK based, business that have been negatively impacted by Covid-19 and were not an ‘undertaking in difficulty’ as of the end of 2019? Good news, on 27th April, Rishi Sunak announced the new Bounce Back Loan scheme after growing pressure to provide extra support to small business.
What’s on offer
- Loans of between £2,000 and £50,000
- The Government is to support lenders with a 100% guarantee for the loan
- Terms of up to 6 years
- There are no fees or interest to pay for the first 12 months
- No loan repayments will be due during the first 12 months
- There will be a “low level” of interest for the remaining period of the loan.
How to apply for a Bounce Back Loan
- Applications for the Bounce Back Loan scheme will launch this week
- The scheme will be delivered through a network of accredited lenders.
- The loan should be easy to apply for via an online application and the funds are said to be paid within days.
Finance
- Loans of between £2,000 and £50,000
- The Government is to support lenders with a 100% guarantee for the loan
- Terms of up to 6 years
- There are no fees or interest to pay for the first 12 months
- No loan repayments will be due during the first 12 months
- There will be a “low level” of interest for the remaining period of the loan.
How to apply for a Bounce Back Loan
- Applications for the Bounce Back Loan scheme will launch this week
- The scheme will be delivered through a network of accredited lenders.
- The loan should be easy to apply for via an online application and the funds are said to be paid within days.
For further information, please see the HMRC Government website.
The content of this article is for general information only and does not constitute tax advice. It should not be relied upon and action which could affect your business should not be taken without appropriate professional advice.
Ellie Hammett ACCA
Manager
Ellie started with Evolution ABS in April 2010 and became a fully qualified as a Chartered Certified accountant in December 2015. Ellie manages a portfolio of agricultural clients and oversees the marketing committee.
Ellie grew up on her parents’ dairy farm in Dorset before her family moved to Devon in 1998. She now lives with her husband and little boy on the family beef, arable and sheep farm in East Devon.
In her spare time, Ellie enjoys helping out on the farm (although not so much the night-time lambing), spending time with her friends and the odd bit of retail therapy.
Since having her little boy, Ellie is in the office on Monday through to Thursday.