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The Chancellor, Rishi Sunak, has updated the House of Commons today on the Government’s economic response to COVID-19.
As part of the statement, he announced a new Bounce Back Loan Scheme. This will be targeted at small businesses with a fast-track finance application process and a 100% government-backed guarantee with the lenders to provide funds in a matter of days.
Key elements of the Bounce Back Loan Scheme for a business are:
In the House of Commons, Mr Sunak said “Businesses will be able to apply for these new Bounce Back Loans for 25% of their turnover, up to a maximum of £50,000, with the government paying the interest for the first twelve months.”
“My Right Honourable Friend the Economic Secretary and I have been in close talks with the banks, and I’m pleased to say that these loans will be available from 9am next Monday.”
“There will be no forward-looking tests of business viability; no complex eligibility criteria; just a simple, quick, standard form for businesses to fill in.”
“For most firms, loans should arrive within 24 hours of approval and I have decided, for this specific scheme, that the government will support lending by guaranteeing, to the lender, 100% of the loan.”
“Britain is a global leader when it comes to innovation. Our start-ups and businesses driving research and development are one of our great economic strengths and will help power our growth out of the coronavirus crisis.”
The Government has committed to work with lenders to ensure loans delivered through this scheme are advanced as quickly as possible and to agree a low standardised level of interest for the remaining period of the loan.
Whilst this is welcome news, it is deeply regrettable that it has taken so long for The Treasury to move on this since we and many other highlighted the shortcomings of the Coronavirus Business Interruption Loan Scheme back in March. It may be too late for some businesses.
We will continue to report any developments as they come through. In the meantime, please email support@cooperfaure.co.uk if you have any questions or would like any other information.
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