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Coronavirus Micro Loan Scheme for Small Businesses

Today, Boris Johnson returned to Downing Street and spoke for the first time since recovering from the virus. In a fervent manner he said he refused to “throw away” the public’s “effort and sacrifice” and relax the lockdown too soon and that “we are now beginning to turn the tide” on the disease. He announced that there would be more details on any changes in the coming days and rest assured we will keep you informed where these changes may affect you or your business.

At 11am Tuesday, 28 April, there will be a minute’s silence held to commemorate key workers who have died from the virus.

Whilst many of the measures are in place and we are supporting our clients with loan applications and furlough claims, one sector, smaller businesses, have found credit difficult to access. In response to this the Chancellor has today announced the Micro Loan Scheme for small businesses. Details are below and we hope to follow up with more information as it’s announced.

 

Micro Loan Scheme for Small Businesses

The scheme is the government’s response to many concerns raised over slow access to existing schemes for small businesses. The Chancellor noted that it is these businesses that are the most exposed at this time, businesses that are usually regarded for their entrepreneurial enterprise and dynamism. This scheme is designed for them to secure credit where they have found difficulty in doing so.

The scheme will provide 100% government backed loans of 25% of turnover, up to a maximum of £50,000 with no capital or interest payments for 12 months.

The scheme will require the completion of a two-page self-certification form online which will be available from 9am Monday 4 May 2020. The Chancellor states that funds will be available within days of approval.

Further eligibility details to follow as released.

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