Bounce Back Loan Scheme - £50,000

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Sunak assured the House of Commons that from Monday 4 May businesses will only need to apply through a short, standardised online application and will get the loans within 24 hours of approval.

How does it work

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000. Businesses can apply for loans up to 25% of their turnover.

The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme will be delivered through a network of accredited lenders.


You can apply for a loan if your business:

Who can't claim

You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

How to apply

The Bounce Back Loan Scheme will launch on 4 May 2020.

If you would like any further information on this scheme, please get in touch with your contact at Lancaster Haskins.

Kind regards

LH Team