This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000.
This scheme is not available yet. It will launch on 4 May 2020. The Bounce Back Loan scheme 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.