Thousands of small firms and sole traders, including high street staples like hairdressers, coffee shops and florists, will be eligible for 100% government-backed Bounce Back Loans to help them make it through the coronavirus outbreak.
From 9am this morning, small business owners can apply to accredited lenders by filling out a simple online form, with only seven questions.
The government has also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans. And any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this generous new scheme.
The Bounce Back Loan scheme is the latest step in a package of world-leading support measures launched by Chancellor Rishi Sunak – with £7.5 billion already awarded in business grants, 4 million jobs supported through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.
You can apply for a loan if your business: is based in the UK; has been negatively affected by coronavirus; was not an ‘undertaking in difficulty’ on 31 December 2019.
Sadly, there is no scheme for council tax, running at extraordinary levels, to bounce back.