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What is the Coronavirus Bounce Back Loan & Can it Help Your Business?

The Coronavirus Bounce Back Loan Scheme will launch on 4th May 2020 and is designed to help small and medium sized businesses affected by the Coronavirus by offering loans from £2,000 up to £50,000.

These loans will be 100% guaranteed by the Government with no fees or interest to pay for 12 months and loan terms up to 6 years.  It is said that the Government will be working closely with Lenders to ensure low interest rates are agreed upon for the remainder of the loan period.

Can this scheme help you and your business?

If you are a business based in the UK that has been negatively affected by Coronavirus and was not an ‘undertaking in difficulty’ on the 31st December 2019 you will be able to apply for the loan.

However, if you are a bank, insurer and reinsurer, public-sector bodies, grant-funded further educational establishment or state-funded primary and secondary school the Coronavirus Bounce Back Loan Scheme will not be available to you.

You will also be unable to claim for this scheme if you are already claiming funding under the Coronavirus Business Interruption Loan Scheme (CBILS).

If you would like further information regarding the upcoming Bounce Back Loan Scheme, please visit the Government website by clicking here.

At Parfitt Cresswell we would love to help you and are offering a number of complimentary telephone/video conference consultations this month. To find out more and reserve your spot to speak with one of our legal experts call 0800 999 4437 or email enquiries@parfittcresswell.com today.