COVID-19 Update: Coronavirus Bounce Back Loan (CBBL) available today

In Accountancy, News by Caroline

Following on from our update last week, we can now confirm the scheme details of the Coronavirus Bounce back loan:

Coronavirus Bounce Back Loan

  • Scheme has gone live today
  • New scheme is called ‘Coronavirus Bounce Back Loan’ (CBBL)
  • Designed to help small and Medium businesses to borrow between £2,000 and £50,000
  • Loan can be for up to 25% of a business’ turnover
  • Government will guarantee the loan 100%
  • No interest or fees to be paid for the first 12 months
  • No repayment for the first 12 months
  • Loan terms up to 6 years
  • Government agreed 2.5% 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
  • Simple online applications with numerous lenders

As ever we will update when we need to. In the meantime if you need any further support then please contact us.

Ben & Richard