Bounce Back Loans Announced To Support Small Businesses

April 28, 2020

Monday 27th April 2020 saw the Chancellor announce a new measure aimed at supporting small businesses recover from COVID-19 with bounce back loans. Small businesses will now be given the opportunity to borrow (without giving security) up to the lower of

  1. £50,000.
  2. 25% of the business turnover

The government will fund the interest for the first 12 months and there will be no capital repayments due for that period.

These loans will be accessible within days and carry a 100% government-backed guarantee for the lender – similar to the CBILS loans for larger businesses. Such loans are being put in place to help small businesses receive more support on top of the previously announced measures. The key aspect of these loans being that the cash will be received within days of application and so help small businesses who need a vital cash injection during these times.

These loans will be available through application on a short simple form from Monday 4th May 2020.

Contact us today for more information

Our recent blogs

Commonly Asked Personal Tax Questions

July 31, 2019

The world of self-assessment can be ever-changing and for many, it can seem more complicated than it is. We have outlined some of the most frequent questions we have encountered from clients, to help you understand this process much better.

Full Article

Autumn Budget 2021: What to expect

October 26, 2021

The autumn budget is set to take place on the 27th October 2021, with Chancellor Rishi Sunak confirming the date earlier this month. However, the government is yet to share any details around what they may announce on the day.

Full Article

Furlough Scheme Extended By Four Months

May 12, 2021

Announced by the Chancellor on the 12th May 2020, the Furlough Scheme put in place due to the Coronavirus pandemic will continue until the end of October.

Full Article

Fraudulent Schemes During COVID-19

April 1, 2020

Whilst the current difficult times are seeing many businesses come together to help support and lift one another, there are unfortunately some who have taken these unprecedented times as a green light to begin pushing their fraudulent schemes.

Full Article