The Chancellor announced yesterday (27 April 2020) a new loan scheme from the government to help businesses during this Coronavirus pandemic. We have outlined the new scheme below:
- New scheme is called ‘Coronavirus Bounce Back Loan’ (CBBL)
- Designed to help small and Medium businesses to borrow between £2,000 and £50,000
- Government will guarantee the loan 100%
- No interest or fees to be paid for the first 12 months
- Loan terms up to 6 years
- Government working with lenders to ensure a low interest rate
- Scheme to be delivered through a network of lenders
- You cannot apply if you are already claiming the ‘Coronavirus Business Interruption Loan’ (CBILS)
- If you have already received a CBILS up to £50,000 then you may be able to arrange to alter loan to this loan until 4 November 2020
- Scheme will launch on Monday 4th May 2020
You can also read about this scheme on the Governement’s website by clicking here.
As ever, we will update when we receive further information on this scheme. In the meantime if you need any further support then please contact us.
Ben & Richard