Coronavirus Bounce Back Loan
Small and medium-sized businesses affected by coronavirus (COVID-19) can apply for loans of up to £50,000.
The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £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.
Loan terms will be up to 6 years. No repayments will be due during the first 12 months. There will be interest payable on the loan for the remaining period.
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
If you’re already claiming funding
You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
How to apply
The Bounce Back Loan scheme will launched on 4 May 2020 and details of how to apply can be found here
This update was published in May 2020 based on information available at the time. Shaw Austin, your local Chartered Accountants, support business throughout Chester, North Wales, Merseyside, Manchester and the UK.