28 April 2020

Coronavirus Bounce Back Loan Scheme

The Bounce Back Loan scheme, scheduled to launch on Monday 4 May, will help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won't be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme will be delivered through a network of accredited lenders.

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

You cannot apply if you're already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS). However, if you've already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

The Bounce Back Loan scheme will launch on 4 May 2020, it is intended to be a simple application with money becoming available within 24 hrs.

More information about how to apply for the scheme will be published shortly - visit the GOV.UK website using the links below.

This scheme includes self-employed people.