UK Coronavirous Small Business Loan Scheme

Chancellor Rishi Sunak announced yesterday a new small business loan scheme.

The announcement is the launch of a new emergency loan scheme for small businesses to “bounce back”, which will offer 100% guarantee on emergency loans.

The scheme is to begin next week and SMEs will be able to apply for loans up to the value of 25% of their turnover, with a cap of £50,000. The Government will pay interest on the loans in the first 12 months.

The Chancellor has stated that a simple quick standard form is to be completed on application with a promise that loans are to arrive within 24 hours of approval.