COVID-19 Bounce Back Loan

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HMRC have announced the COVID-19 Bounce Back Loan.

https://www.gov.uk/government/news/new-bounce-back-loans-to-launch-today

Contact Us for more detail or go straight to the HMRC application page here:

https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

 

 

We have already submitted applications for our clients and are ready to assist you through the quick and easy process of applying for the Bounce Back Loan, this should take no longer than 20 minutes depending on your banking service provider.

 

HMRC Guidance  COVID-19 Bounce Back Loan

HM Treasury

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.

The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme will be delivered through a network of accredited lenders.

Eligibility

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

Who cannot apply

The following businesses are not eligible to apply:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

If you’re already claiming funding

You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

How to apply