Background to the Bounce Back Loan
The UK Government has announced that a new loan will be available from today to help small businesses. Details of the loan, called a ‘Bounce Back Loan’ can be found on the following web-site: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan.
Bounce Back Loan – summary
In summary, the loan:
- is aimed at helping small and medium-sized businesses to borrow between £2,000 and £50,000
- is 100% guaranteed by the UK Government
- has no fees or interest to pay for the first 12 months
- will have a duration of up be up to 6 years and no repayments will be due during the first 12 months
Bounce Back Loan – eligibility
To be eligible for the loan the business needs to:
- be based in the UK
- have been negatively affected by the coronavirus
Businesses can’t apply if they are already claiming under the Coronavirus Business Interruption Loan Scheme.
Next steps
Although the loan is in theory available today (the 4th May) the application procedures were not live on the banks’ websites at the time of writing this e-mail. We envisage that this will be rectified shortly and plan to hold a webinar to discuss applications tomorrow (5th May 2020 at 10 am UK time) to talk about the information that we need from you in order to put together applications for this loan. This webinar will be an important first step in our putting together the applications for you. If you can’t attend this webinar but want us to approach HMRC on your behalf, please let Barbara (barbara@accountsco.com) know and she will organise an alternative time.
Webinar details
- Date: 5/05/20
- Start time: 10:00 UK time
- Duration: Probably about 30 minutes
- Presenter: Simon Edrich
To attend the webinar please click on the link below, or paste it into your browser.https://teams.microsoft.com/l/meetup-join/19%3ameeting_YjQyZTY5MDEtM2NmNC00NTQyLTkwZjktZmI1MGNmMGU0OWE0%40thread.v2/0?context=%7b%22Tid%22%3a%227dcbfc65-3f48-4ee0-9dce-cd0655cdb4e0%22%2c%22Oid%22%3a%222273c93f-4480-4d76-b996-ec81900894c9%22%2c%22IsBroadcastMeeting%22%3atrue%7d
Please call a member of the team if you need more information.
Background to the Bounce Back Loan The UK Government ha […]