New “Bounce Back” Loan Scheme announced for small businesses

Chancellor, Rishi Sunak, announced yesterday that businesses can now apply for new “Bounce Back” Loans from £2,000 up to a maximum of £50,000, or 25% of turnover.  These loans are 100% backed by the tax payer (rather than 80%) with the government paying the interest for the first 12 months and with no capital or interest repayments due for one year. Businesses will be able to apply online using a short form which should be available from Monday of next week and the aim is for a quick turnaround with this money to be available within “days”.  More information is at:  Bounce Back Loan announcement.