Coronavirus Business Interruption Scheme
Coronavirus business interruption scheme summary:- you can get further information here.
1. Loan from £25,001 to £5m
2. Terms from 1-6yr
3. No interest for 12mths
4. Capital repayment holiday for 12mths, so some businesses wont have to pay anything for 12mths.
5. Loans limited to 25% of 2019 turnover or double annual wage bill.
You will have to apply for the loan via your business bank. Normally you will be eligible for the loan if you don’t have any security and the bank would ordinarily reject your application.
Our opinion is that you shouldn’t expect to get the money quickly as banks are likely to be inundated with applications. Contact all your creditors and ask for payment deferments. If you need any assistance contact one of our experts.