FOCUS:: Bounce back loan – HMRC update 4 May 2020

Smaller businesses impacted by coronavirus are able to apply for funding support between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000 if certain eligibility criteria are met.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.

Official Lenders for the Bounce Back Loan Scheme (BBLS)

Law – The Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020, was laid before parliament on the 1 May 2020 and came into force on 4 May 2020.

Source HMRC, ICAEW, Legislation.gov