Bounce Back Loan Scheme update
The Government has updated guidance on the Bounce Back Loan Scheme which is designed to enable smaller businesses to access finance quickly during the coronavirus outbreak.
The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
The update states that “a repayment holiday of up to 6 months is now possible once at any point during the term of a Bounce Back Loan”.