Coronavirus – Bounce Back Loan Scheme
The Bounce Back loan scheme is designed to provide low value business loans to small companies. The governments intention is that the loans will be accessed quicker that loans under the existing coronavirus government backed loan scheme.
The main conditions to be eligible for the loans are:
- The business needs to be UK Based.
- The business needs to have been adversely impacted upon by the coronavirus.
- The business was established prior to 1 March 2020.
Under this scheme, loans of between £2,000 and £50,000 (restricted to 25% of a businesses annual turnover for 2019) will be 100% guaranteed by the government. Interest on the loans will be paid by the government for the first 12 months. We understand that the interest rates on the loans is 2.5% and that there are no penalties for early repayment of the loans.
Further details relating to this scheme can be found at