Small UK firms to get 100%-taxpayer-backed loans from 4th of May

Coronavirus Updates

Small firms are to get access to 100% taxpayer-backed loans, of up to £50,000. The scheme will go live next Monday, the 4th of May, and firms will receive the funds within days of applying.

Announced in the past hour, the scheme aims to 'unlock a backlog of credit checks by banks'. This news comes amind a Made in survey which showed over 50% of members were struggling to access the CBILS.

To apply, businesses will be required to fill in a two-page, self-certification online form. At the same time, the government has announced that it will pay the interest on the loan for the first 12 months.

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