Bounce Back Loan scheme arrives 4th May


On 27th April the Chancellor announced that from next week small firms negatively affected by Coronavirus are to get access to 100% taxpayer-backed loans of £2,000 – £50,000 within days of applying. The loan terms will mean that no capital or interest repayments will be due for one year. Instead, the government will pay the interest for the first 12 months with a low rate of interest for the remaining period of the loan. You do not have to prove that the business will viable after the crisis.

This will particularly help practices which pay architects through dividends but crucially you cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS) though you can transfer it by arrangement with the lender until 4 November.

HM Treasury has more detail on the scheme here and you can apply online from Monday May 4th here.