Bounce Back Loans Announced To Support Small Businesses

Monday 27th April 2020 saw the Chancellor announce a new measure aimed at supporting small businesses recover from COVID-19. 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.

 

If you require any further guidance regarding this or any of the other measures currently in place, please click here to get in contact with a member of our team.

Coronavirus/COVID-19 Update

We are still here to help you

We have activated our plan for our team to work remotely as much as possible. The office is still open and there will always be someone on reception in normal working hours but for obvious reasons, the telephone and email are the best way to contact us as we follow the UK Government guidance to reduce contact.

If you have any direct questions about your business and the effects of the virus please get in touch with your usual contact or directly to me david@kirkhills.co.uk or adrian@kirkhills.co.uk