COVID-19 Update 05/05/2020
Bounce Back Loan and Coronavirus Testing Information
We would like to update you on two pieces of updated guidance and support as follows:
1. Coronavirus (COVID-19): getting tested in Scotland
The Scottish Government has extended its testing programme to include “Staff and volunteers in third or public sector organisations, and staff in nationally or locally significant industry important to economic sustainability and growth”. Reference to this change was made in the First Minister’s briefing on Friday 1st May where she stated “As of now, we are expanding eligibility to include all those over the age of 65 with symptoms and their households, and in addition to keyworkers, anyone – although there should not be many people in this group – who is not a keyworker, but who has to leave home to go to work.” Guidance on testing eligibility and the online process to book a test can be viewed here.
2. UK Government Launches Coronavirus Bounce Back Loan
The new Bounce Back Loans scheme is now open for applications. The scheme allows small and medium-sized businesses to borrow between £2,000 and £50,000 and access the cash within days. The UK government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government has also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans. Businesses can apply online through a short and simple form. You can find further information about the scheme, including eligibility, here.
The scheme will be delivered through a network of accredited lenders and will run alongside the existing Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS).