Last night, Monday 27th April, the Government announced the Small Business Bounce Back Loan.
Details are limited so here is what we know:
a) Businesses will be able to apply from 9am on Monday 4th May.
b) Bounce Back loans for 25% of their turnover up to a maximum of £50,000.
c) No forward-looking test on viability.
d) Quick standard form to complete.
e) The government meets the interest for the first 12 months.
f) Loans should arrive within 24 hours of approval.
g) 100% Government backed.
The process, the form, the detail we know nothing about but as soon as we do we will update you.
You can find all our COVID-19 updates, here on our Business Tips page.
As always you can contact the team at Northern Accountants to discuss concerns around finance or for details of our AppStack which is helping businesses stay in business during the coronavirus pandemic. Call us on 0113 218 9552.