Loans should reach businesses within days - providing immediate support to those that need it as easily as possible. Loans will be interest free for the first 12 months.
The Government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
Firms will be able to access these loans through a network of accredited lenders. The government will work with lenders to ensure loans delivered through this scheme are advanced as quickly as possible and agree a low standardised level of interest for the remaining period of the loan.
Please note you cannot apply if you're already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).
From Monday May 4, businesses can apply by completing a short, simple online form.
Visit here for more information: GOV.UK - Apply for a coronavirus Bounce Back Loan