The Chancellor today announced that small businesses will from 9am on Monday 4th May gain access to a new fast-track finance option, which is being referred to as the Coronavirus Bounce Back Loan. The scheme has been designed to ensure that small businesses who need vital cash injections to keep operating can get finance of up to £50,000 in a matter of days.
The key details for your information are as follows;
- Loans are expected to be turned around within 24 hours;
- 100% guaranteed by the Government;
- No forward eligibility checks;
- Simple 2-page self-certification form to be completed online;
- £2,000 – £50,000 available up to a maximum of a ¼ of a firm’s annual turnover;
- No repayments will be due during the first 12 months;
- The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
Although this scheme is not available to those businesses already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS), it will provide much-needed funds to small businesses who have been adversely affected by the crisis. According to the guidance, a CBILS loan application (if less than £50k) can be transferred to this new scheme in order to provide faster cash delivery.
TC Group can work alongside you to collate all the necessary documentation for your self-certification and should you need support to do so is on hand to help submit it for you. Contact your TC Partner on 0330 088 7111 to discuss further.
Reminder – Wills & Estate Planning – Free Consultations
Following our communications last week, we are continuing to receive a large number of requests from clients about reviewing or updating their Wills in light of COVID-19.
Our Private Client Team offers a complete end-to-end service covering all aspects of estate planning which starts with a well-drafted Will. Free consultations are available to all TC clients (and their family members) with our Private Client Team to review their affairs. If you would like to take advantage of the consultation, please email our Private Client Team on email@example.com, or call us on 0330 088 7111.