The Government has announced a new Coronavirus Bounce Back Loan Scheme to help small and medium-sized businesses affected by COVID-19 to apply for loans of up to £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.
The guidance for the Scheme states: ‘there will be no complex eligibility requirements, no forward-looking tests of business viability. Just a simple, quick, standard form for most businesses to fill in. And loans should arrive within 24 hours of approval.’
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
How to apply
The Bounce Back Loan scheme launches on Monday 4th May 2020.
More information can be found here.