In these unprecedented times, we have been receiving a high volume of calls from our clients asking for advice. As a result, we have put together a series of guides as a way to update everyone with the latest news and guidelines.
Please also refer to our News pages by following this link.
All information on this Summary will be regularly updated in line with Government advice as it is published.
We are trying to provide information to our clients as these new schemes are being announced and so we hope the below library will provide a good starting point. We shall endeavor to update these links as new detailed provisions emerge.
Sophie Howard FCA
Coronavirus Bounce Back Loan
This scheme was introduced to help small and medium sized businesses with loans of up to £50,000.
Businesses will be able to borrow between £2,000 and £50,000 and the government will guarantee 100% of the loan. There will be no fees or interest for 12 months and loan term will be up to 6 years.
You can apply for a loan if your business satisfies the following criteria:
- Is in the UK
- Has been affected by coronavirus
- Was not an ‘undertaking in difficulty’ on 31 December 2019
- You are not claiming under the Business Interruption Loan Scheme (CBILS)
The government has agreed with lenders that a flat rate of 2.5% interest will be charged on these loans. Small business owners can apply online with a short and simple form.
Last Updated: 06 May 2020
Business Interruption Loan Scheme
This is a temporary scheme set up to support businesses with access to loans, overdrafts, invoice finance and asset finance for up to 6 years.
The government will cover the first 12 months of interest payments.
There are 40 accredited lenders able to offer the scheme including all the major banks.
It is important your business meets the eligibility criteria. The link is as follows:
To apply you should talk to your bank as soon as possible to discuss your business plan. There may also be the option to ask for a repayment holiday with exiting loans.
For more information on the scheme please see the following link:
Last Updated: 26 March 2020