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UK Government announces new ‘Bounce Back’ loan scheme for small businesses

bounce back loan

The UK Government has unveiled a ‘Bounce Back’ loan scheme to help small businesses affected by the coronavirus pandemic.  

The latest scheme will offer loans up to a maximum of £50,000, or 25% of turnover to help small UK businesses. Loans will be interest free for the first 12 months and can be applied for through a simple online form, with no complex eligibility criteria.

The measures are the latest efforts to help businesses navigate the impact of the coronavirus pandemic.

Loans will be available to apply for from Monday 4th May.

If you need any specialist advice from our team of legal experts about the impact of COVID-19 on your business, please email commercial@loosemores.co.uk or call us on 02920 224433. Please contact Senior Partner, Mark Loosemore, or Partner, Siôn Tudur to find out more.

For more information about applying for a ‘Bounce Back’ loan please read the full press release.

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