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Britain’s small businesses will be able to apply for quick and easy-to access loans of up to £50,000 from today – with the cash expected to land within days.
What are the new Bounce Back loans?
- Loans are 100% guaranteed by Government
- Banks already accredited to offer CBILS loans should be able to offer Bounce Back loans
- Businesses can borrow between £2,000 and £50,000
- No repayments in the first 12 months
- Interest free for the first 12 months
- Interest capped at 2.5% after that
- Loan term can be up to 6 years
Who can apply?
- Small companies, sole traders and partnerships can apply
- You need to be based in the UK
- You are negatively affected by COVID19
- You were not classed as an undertaking in difficulty* on 31 December 2019
- You can borrow up to 25% of 2019 revenue or £50,000, whichever is higher
*undertaking in difficulty = accumulated losses are more than half of the share capital of the company
How do I apply?
- You can apply from 9am Monday 4 May 2020
- There will be a network of accredited lenders
- It’s likely that you can apply through your usual online banking site
- Short 2 page self-certification online application form, making it easy to apply
- Cash should be available within 48 hours of your application
- Watch this space for more info
What info do I need to apply?
- We don’t know this yet, but you will only need to prove that you were viable before the pandemic, not that you will be after
What if I’ve already received other COVID19 grants?
- The Bounce Back loans are in addition to other funding such as Business Grants, Furlough Grants, Self-Employed Grants
- But bear in mind that grants don’t need to be paid back. the Bounce Back and CBILS loans do need to be repaid
How does the Bounce Back loan work with CBILS?
- If you already have a CBILS loan, you can convert this to a Bounce Back loan.
James Jose
23. January, 2021.
Very pleased by Maatmann, very friendly, amazing service at great price.
Herve Rolland
19. October, 2020.
Maatmann is a very ethical and supportive accounting firm ideal for small businesses. They have provided me with great accounting and tax advice as well as being very responsive when I had questions. I would recommend them to any small businesses.
Joseph Mathew
14. October, 2020.
I am very pleased by Maatmann Accountants. They offer amazing service at a great price. They are very friendly and will explain small business accounting questions step by step to make sure your business is going in the right direction. I am very happy that I found their office. They saved me not only money, but time. A place to get things accounted. Thank you, again for the excellent service.
Thomas Mathew
13. October, 2020.
Maatmann Accountants are very good they Keep My accounting records of my company prepare Company Tax Return to work out how much CT to pay they sort my self assessment on time , Best part is that you don’t have to go to there office every thing is online, I received prompt service from them, I Recommend them for your Tax related Jobs .
Aloysius Mathew
7. October, 2020.
Maatmann Accountants have been providing exceptional services for all my account work since last few years. They have been managing my personal assessment and maintaining my business accounts. prompt, reliable, quick response to my queries. I recommend them to anyone who wants help with accounting and tax. great experience!
Tags: BBL, Business Support, CBILS, Coronavirus Scheme
Categories: Bounce Back Loans, Business Support, Coronavirus Scheme
Categories: Bounce Back Loans, Business Support, Coronavirus Scheme
