Bounce Back Loan Scheme
Today the Bounce Back Loans scheme has been opened for applications.
How to apply
These loans are available through a range of British Business Bank accredited lenders and partners - listed HERE
We recommend contacting your existing bank first should they be on the accredited list. Some banks are only allowing existing customers to apply to mitigate the risk of fraud.
The application form for these loans has been simplified - with reports of only 7 questions and a decision in minutes in some cases.
How the Loans Work
Businesses can apply for up to 25% of their turnover (minimum facility is £2,000, maximum facility is £50,000).
The government guarantees the lender 100% of the loan, however the borrower remains 100% liable.
The government will cover all interest payments over the first 12 months.
No repayments will be due in the first 12 months.
The interest rate for the facility is set at 2.5% - regardless of loan size.
The length of the loan is 6 years - however early repayment is allowed without any early repayment fees.
Lenders cannot take personal guarantees or take recovery action over a borrowers personal assets.
There is no fee to access the scheme.
Self Employed Income Support Scheme
HMRC has begun contacting those eligible for support through the Self Employed Income Support Scheme.
An online eligibility checker has also been activated - you can check to see if you are eligible HERE
As more information on support schemes comes to light we will continue to update you.
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