Coronavirus: £50k ‘bounce back’ loans for small businesses

Coronavirus: £50k ‘bounce back’ loans for small businesses.

The chancellor has announced a new scheme, offering small businesses up to £50,000 in loans that will be 100% guaranteed by the government.

Is your business eligible?

You can apply for a loan if your business:

• Is based in the UK

• Has been negatively affected by coronavirus

• Was not an ‘undertaking in difficulty’ on 31 December 2019

Who cannot apply

The following businesses are not eligible to apply:

• Reinsurers, banks and insurers (but not insurance brokers)

• State-funded primary and secondary schools

• Public-sector bodies

What happens if you’re already claiming funding?

Unfortunately, you cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS)

How to apply

The Bounce Back Loan scheme will launch on 4 May 2020. HMRC will provide more information about this scheme.

Need help?

If you need help on how to get started, please send us a message. Our accountants are ready to help you.

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