The Bounce Back Loan Scheme
Several weeks ago, the government announced the Coronavirus Business Interruption Loan Scheme (CBILS). However in the news it has been widely reported of the struggles that businesses have had receiving funding through this scheme, of which, some of you may have experienced first hand. With this in mind, on Monday the government launched a new scheme specifically aimed at small businesses in order for the funding to be distributed to those companies in a more speedily manner.
The scheme is called the Bounce Back Loan Scheme and small businesses, including sole traders and partnerships, may be able to secure a loan of up to £50,000. If you have been unsuccessful with CBILS you are able to apply for to the Bounce Back Loan Scheme but you can only have one or the other.
This week we have processed a number of these Bounce Back Loan Scheme applications and can confirm that to date the process has been smooth and that monies have already been received by clients.
The main points of the scheme are below; however further details can be found on the government website.
The process has already proven to be more straightforward than CBILS. It is recommended that in the first instance you approach your current bank, the application process will be available via their website.
If you need any assistance with your application, please do not hesitate to contact us.