Small businesses struggling due to the coronavirus can now apply for a new 100% state-backed loan worth up to £50,000, with no interest charged or repayments needed in the first 12 months. Moneysaving expert.com, a site by Martin Lewis – a well-known personal finance expert, takes you through the loans bank by bank and how they can be used to provide income support for those who aren’t covered by other schemes – plus the Treasury answers your questions.
Bounce back loans – the background
The Bounce Back Loan Scheme has been launched because of fears the self-employed and small businesses can’t access coronavirus funding quickly enough. While he doesn’t normally cover business loans, Martin’s made an exception, because he believes it provides a potentially useful backdoor support system for those who have fallen through the gaps of other measures. For example, if you’re self-employed but don’t qualify for the Self-Employment Income Support Scheme, or for limited company directors (see Martin’s limited company directors’ help video too).
The article answers questions such as ‘How do Bounce back loans work?’, ‘Where to get a Bounce back loan from’ & ‘How the loan repayment works’. It also provides answers to questions from the public.
To continue reading, please visit his website to understand more about bounce back loans.
Please note: The information above was taken directly from Martin Lewis’s website: moneysavingexpert.com. We feel this provides valuable information that could help our customers during the current Coronavirus crisis.
Information correct at time of publication. Information provided within this article may have changed over time. No responsibility for its accuracy or correctness is assumed by John Patons Insurance Services or any of its employees.