Yesterday, the Business Bounce Back Loan Scheme went live. In the first instance, you will need to apply directly to your own bank.
Loans of up to a maximum of £50,000 are now available. This is calculated at 25% of your business turnover.
The loan term is a maximum of six years with no repayments due in the first year. The loan carries a 100% government guarantee, in the event your business is unable to repay.
The government will pay the interest and fees for the first twelve months, with the interest rate fixed at 2.5% for the duration of the loan. You must be able to show that your business has been affected by the Covid-19 emergency.
Please remember that you cannot apply for a Bounce Back Loan if you have already obtained loan funding under the Coronavirus Business Interruption Loan Scheme.
Should you have any queries, please do not hesitate to liaise with your usual Jack Ross contact or mail us at info@jackross.co.uk.