In addition to the support already in place from government, on the 4th May Bounce Back loans were announced. Britain’s small businesses will be able to apply for quick and easy-to access loans of up to £50,000 from today – with the cash expected to land within days.
The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak and that can benefit from £50,000 or less in finance.
The scheme is a part of a wider package of government support for UK businesses and employees.
On announcing the scheme government announced that:
- small businesses will be able to apply for quick and easy-to-access loans from today
- businesses will be able to borrow between £2,000 and £50,000 with the cash arriving within days
- loans will be 100% government backed for lenders, and businesses can apply online through a short and simple form
The government has also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans. And any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this generous new scheme.
How to apply
The full rules of the scheme and guidance on how to apply is available on the British Business Bank website.
The gov.uk website also has a business support function. You may be eligible for loans, tax relief and cash grants, whether your business is open or closed.
Use this business support finder to see what support is available for you and your business.