Government announce the £50,000 Coronavirus Bounce Back Loan SchemeCoronavirus Updates
The UK government has announced the Coronavirus Bounce Back Loan Scheme (CBBLS) today, which will help small and medium-sized businesses with access to loans of up to £50,000.
The scheme, which was announced earlier today will allow small and medium-sized businesses to borrow an amount between £2,000 and £50,000. The government has announced that they will guarantee 100% of the loan and that businesses will not have to pay any fees or interest for the first 12 months.
However, the government has not announced what the rate of interest will be on these loans, only stating that they'll work with banks to ensure that they remain at a low rate. The scheme will be delivered through a network of accredited lenders, much like the CBILS.
To be eligible for the loan, you must:
- Be based in the UK.
- Currently, you must be negatively affected by coronavirus.
- Was not an ‘undertaking in difficulty’ on 31 December 2019.
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
You can apply for the loan here.