Bounce Back Loan Scheme

Scheme details

The Chancellor announced a new loan guarantee scheme. Further details will be announced in the coming days, but what we know are;

Businesses can apply for a loan between £2,000 and £50,000 limited to 25% of turnover

The government pays the interest for the first 12 months

The government guarantees 100% of the loan

Scheme opens 9am on Monday 4 May 2020

There will be a two page standard application form

Most loans will be paid within 24 hours of approval

Loan term can be up to 6 years

No repayments will be necessary during the first 12 months

Interest rate is 2.5%

Applications under £25,000 are likely to be fast tracked to payment

Other points

Eligibility is based upon being not being in difficulty on 31 December 2019

If you already have a CBILS loan you can transfer it to this new scheme before 4 November 2020

Your business must be negatively affected by coronavirus


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