Small businesses boost from bounce back loans
Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor announced today (Monday 27 April).
29 April 2020
On Monday, Chancellor Rishi Sunak announced that small firms will get access to 100% taxpayer-backed loans, acknowledging concerns that existing coronavirus rescue schemes were slow to respond to applications.
Starting next week, the new scheme offers loans of up to £50,000 payable within days of applying. Self-certification applications will be made online and no capital or interest repayments will be due for one year.