From today (4 May 2020), businesses that have been affected by the coronavirus pandemic can apply for a loan under the Bounce Back Loan Scheme (BBLS).
As noted in our previous blog, the BBLS was introduced to help smaller businesses that were struggling to obtain finance under the previously announced Coronavirus Business Interruption Loan Scheme (CBILS). The key features of the BBLS are as follows:
Small and medium sized businesses can apply for a loan from £2,000, up to 25% of the business' turnover (capped at £50,000).
The loan will be guaranteed 100% by the government (as opposed to 80% guaranteed under the CBILS).
The government will pay interest and fees for the first 12 months, and the interest rate for the facility i...
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