HM Treasury has announced that it has introduced Bounce Back Loans for Britain's small businesses so that they will be able to apply for quick and easy-to-access loans of up to £50,000. The Government has said that businesses will be able to borrow between £2000 and £50,000 with the cash arriving in days. The loans will be 100% Government-backed for lenders and businesses can apply online through a short form. 

Thousands of small firms and sole traders, including high street staples like hairdressers, coffee shops and florists, will be eligible for 100% government-backed Bounce Back Loans to help them make it through the Coronavirus outbreak.

The government has also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans. And any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this generous new scheme.

The Bounce Back Loan scheme is the latest step in a package of world-leading support measures launched by Chancellor Rishi Sunak, with £7.5 billion already awarded in business grants, 4 million jobs supported through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.

To apply, see further information about the Bounce Back Loan scheme.