New small business grant
Business will be able to apply for a new business grant. Details will be released shortly.
Business Interruption Loan Scheme
A temporary Coronavirus Business Interruption Loan Scheme has been made available. SMEs will be able to apply for a bank loan and overdraft.
The UK government is going to guarantee 80% of each loan to give lenders confidence in continuing to provide finance to SMEs. You will still be subject to the lender’s criteria.
On 20 March 2020 the chancellor announced that the loans will be interest free for the first 12 months, with government covering the interest payments. There has been no guidance on the actual interest rate charged and what the interest rate would be after the 12 months. If you are considering getting this loan you should of course consult with your accountant to understand the criteria, before signing on the dotted line.
There isn’t much detail at the moment but we are assured that the scheme will be available from early week commencing 23 March 2020.
Covid-19 Small Business Government Grant
Coronavirus Business Interruption Loan