COVID-19 update: business loans

 In Analysis, Information, Legislation

Government announcement

The Government has announced that loans of up to £50,000 should be made available to small businesses from 4 May 2020, which are free of repayment for up to 12 months. They are being guaranteed by the Government.

You will have to do no more than complete what is promised to be a simple form to see if you qualify. The terminology used by the Government is “Bounceback loans”.

Action needed

You will have to get in touch with your bank for further details. I hope that the bank will have the facility for you to apply online, because the queues outside banks are prohibitively long already.

– By Stephen Handley, FCCA

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