Small businesses will be eligible for ‘bounce back loans’ worth up to 25% of the company’s turnover, up to a maximum loan of £50,000.
The government will pay the interest on the loan for the first 12 months and the government will guarantee 100% of the loans.
The scheme will be available from Monday 4th May and the Chancellor said that there would be no forward looking eligibility tests but instead a ‘simple, quick, standard’ application form.
The loans will should reach businesses within 24 hours of approval.
UKFT is in constant dialogue with the government and is outlining the latest support available for businesses on our website. We will update the details as and when the situation changes.