Small businesses eligible for £50,000 ‘bounce-back loans’ under new government scheme

Covid-19 new government scheme: Chancellor Rishi Sunak has announced an offer of 100 per cent guarantees on “bounceback loans” of up to £50,000 for the smallest businesses affected by the coronavirus outbreak. Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days. The loans will be easy to apply for through a short, standardised online application. Loans will be interest free for the first 12 months.

Please follow this link to find out more. We will continue to update clients when we receive new information.

Notes

Our Covid-19 support schemes have provided over £15 billion for business in just a few weeks. We’ve put in place:

  • our job retention scheme – more than 500,000 claims have been made to the value of £4.5 billion
  • business grants – half a million business properties have benefitted from £6 billion of business grants
  • the Coronavirus Business Interruption Loan Scheme – with over 20,000 loans
  • the Covid Corporate Financing Facility, which has provided over £14 billion for larger firms
  • generous VAT deferrals worth billions of pounds
  • scrapped businesses rates
  • covering the cost of statutory sick pay
  • the new scheme will run alongside the existing Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS)
  • We are also taking additional steps on the Coronavirus Business Interruption Loan Scheme (CBILS) to ensure that lenders have the confidence they need to process finance applications quickly, including removing the per lender portfolio cap for the government guarantee, and changing the viability tests that so that all banks will need to assess is whether a business was viable pre COVID-19

Need more information?

During the Coronavirus, we understand you need extra support. We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

Our fantastic team at A&C Chartered Accountants are here to help.

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