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
