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27 April 2020

Rishi Sunak announces the Bounce Back Loan Scheme, a new 100% government-backed loan scheme for small business

Introduced by

HM Treasury

Targeted at

Small businesses

Timings

Announced on 27 April 2020. Scheme will launch on 4 May

Stated aims

To ensure that small firms can get financial help to keep operating 'in a matter of days'

Summary

Chancellor Rishi Sunak announces the launch of a new Bounce Back Loan Scheme (BBLS). Small businesses will be able to borrow between £2,000 and £50,000 and 'access the cash within days'. Loans will be interest free for the first year.

Source(s)

Gov.uk news story

Letter from Chancellor Rishi Sunak MP