Today, the Government’s new Coronavirus Bounce Back Loan Scheme launches in response to feedback that the Coronavirus Business Interruption Loan Scheme was less accessible for small businesses than the Government had intended.

The key features of the new “Bounce Back Loans” are as follows:

• 100% underwritten by the Government
• Interest-free for 12 months
• A low rate of interest of 2.5% thereafter
• Simplified application process with minimal underwriting
• Loans of between £2,000 and £50,000, up to a maximum of 25% of turnover
• 6 year term
• Early repayment available with no penalties

Attached as a link, see the guidance document on the new scheme that is available to share to anyone who you think it may help. [DOCUMENT LINK]