The Chancellor of the Exchequer, Rishi Sunak, announced yesterday (Monday 27th April) that there will be a new Bounce Back Loan scheme available from Monday 4th May. This new scheme will enable small businesses to benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders.
Businesses will be able to borrow between £2000 and £50,000 and access the cash within days. The loans will also be interest free for the first 12 months, and businesses will be able to apply online through a short and simple form available online.
The Chancellor of the Exchequer, Rishi Sunak, said: "Our smallest businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis.
"This is in addition to business grants, tax deferrals, and the job retention scheme, which are already helping to support hundreds of thousands of small businesses."
You can read more about the Bounce Back Loans scheme here.
You can find all of the other Government guidelines in our COVID-19 Hub here and the section dedicated to business updates here.