Chancellor Rishi Sunak has today announced that small firms are to get access to 100% taxpayer-backed loans. The news comes after business owners raised concerns about slow access to existing coronavirus rescue schemes.

The scheme will open on Monday the 4th May and will offer firms loans up to £50,000 within days of applying and should be easier to achieve with a simple two-page self-certification form online.

The aim of the scheme is to unlock the current backlog of credit checks by banks amid fears many small firms could fold before getting loans.

Under the terms of the loan there are no capital or interest repayments will be due for one year with the government paying the interest for the first 12 months.

Further details on the scheme can be found on the GOV.UK website here: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan 

Chairman of the Federation of Small Businesses, Mike Cherry, said it would “give hope to thousands” of firms.

“To date, the existing interruption loan scheme has not been working for the small firms that make-up 99% of our business community.

“The decision by the chancellor to listen to our recommendation for a 100% guarantee on smaller loans, alongside the creation of a new fast-track system for those applying for them, will give hope to thousands.”

The team at NR Barton are here to help our clients with queries and the team can be contacted on the usual number (01942 242 245) or by email: accounts@nrbarton.co.uk

We’re here to help

With all the legislative changes and updates over recent days in these ever changing and uncertain times, our teams are briefed and here to help you and your business.

Whilst our physical offices are closed following the ‘lock down’ advice, the team at NR Barton are working remotely from home. If you have any questions you should not hesitate to contact your engagement partner or manager who will be happy to assist; our contact details can be found here.

For anyone unsure of who to contact, we are still answering phones (01942 242245) and we are answering emails to accounts@nrbarton.co.uk.

We’re here to help.

All the best

The NR Barton team

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