Chancellor, Rishi Sunak, has announced a new Bounce Back loan scheme, allowing small businesses to apply for a loan of up to £50,000, with the government guaranteeing 100% of the advance.
Small businesses can apply for a minimum of £2,000 up to a maximum of £50,000, or 25% of business turnover, with no capital or interest payments due for a year.
This is welcomed news for small businesses who need a quick financial solution during the crisis. To apply for this loan scheme, businesses should approach their bank where they will have to complete a simple two page form online – the bank will not require any business viability tests or eligibility criteria.
The scheme opens at 9am on Monday, 4 May 2020, with the bulk of loans being paid within 24 hours of approval.
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