Due to a number of small businesses reporting their concerns about slow access to Coronavirus (Covid-19) rescue schemes, the Chancellor Rishi Sunak has announced details of a new ‘micro loan scheme’ to help small businesses manage the impact of Coronavirus (Covid-19).
Small businesses will now be able to access a 100% Government bounce back loan of up to £50,000 or 25% of turnover. The loans will be available from Monday 4 May with no repayments or interest due for 12 months and a loan term of up to five years.
The scheme requires applicants to complete a two-page self-certification form online. As the Government are underwriting the loan this removes the risk of the Banks receiving their money back resulting in applications being turned around far quicker.
Another significant change with the new loans is that businesses applying for the loans will only have to prove that their business was viable before the crisis, not that they will be viable after the crisis.
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