The Chancellor has announced a new loan scheme. A simple, quick, easy solution for those in need of smaller loans.

Businesses can apply for new Bounce Back Loans up to a maximum of £50,000, or 25% of turnover, with the government paying the interest for the first 12 months.

The government have been in close talks with the banks in recent days and these loans will be available from 9.00am next Monday 4 May 2020.

They have announced that there will be no forward-looking tests of business viability; no complex eligibility criteria; just a simple, quick, standard form for businesses to fill in.

For most businesses, loans should arrive within 24 hours of approval.

For this scheme the government will support lending by guaranteeing 100% of the loan.

If you would like to discuss the new scheme and the needs of your business please feel free to contact us.

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