Bounce Back Loans 28/04/2020

As you may have seen, the Chancellor has announced a new loan scheme for small businesses, ‘Bounce Back Loans’:

  • Businesses will be able to access these loans through a network of accredited lenders, and will be able to borrow between £2,000 and £50,000.
  • The government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
  • The loans will be easy to apply for through a short, standardised online application.
  • The scheme will launch for applications on Monday 4 May.

The Chancellor’s statement is here, the press release is here and further details will be available here.

In addition, HMRC has published detailed guidance on reporting payments in PAYE Real Time Information from the Coronavirus Job Retention Scheme, which can be found here.

As always, we’re here to support you as best as we can. If you have any questions, contact the team on 0141 221 3181. Thank you.