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Small businesses will now be able to apply for the government’s Bounce Back Loan Scheme in which they can borrow between £2,000 and £50,000 with funds arriving within days.
Thousands of small firms and sole traders – including high street staples like hairdressers, coffee shops and florists – will be eligible for 100% government-backed Bounce Back Loans to help them make it through the coronavirus outbreak.
From 9am this morning, small business owners can apply to accredited lenders by filling out a simple online form, with only seven questions.
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 (CBIL) of £50,000 or less can apply to have these switched over to this generous new scheme.
Loan terms will be up to 6 years. 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.
To be eligible your business must:
You cannot apply if you are a:
You are also ineligible to apply if you’ve already claimed under the Coronavirus Business Interruption Loan Scheme
You can apply for the Loan, here
Firm size |
Turnover below £45m |
Turnover above £45m |
Investment grade |
Bounce Back Loans |
X |
X |
X |
Coronavirus Businesses Interruption Loan Scheme (CBILS |
X |
|
|
Coronavirus Large Businesses Interruption Loan Scheme (CBILS) |
|
X |
X |
Covid Corporate Financing Facility (CCFF) |
X |
|
X |
Job Retention Scheme |
X |
X |
X |
Business Grants (dependent on rateable value of property) |
X |
X |
X |
VAT deferrals |
X |
X |
X |
Covering the cost of statutory sick pay (SSP) |
X |
X |
X |
Future Fund (only if VC funded) |
X |
X |
X |
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