Government support for limited companies
On 4th May 2020 Government released further details about the their coronavirus Bounce Back Loan scheme which is designed to help small and medium-sized businesses to borrow between £2,000 and £50,000, with a ceiling of 25% of turnover.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
The loan is available to any business
- based in the UK
- established before 1 March 2020
- that has been adversely impacted by the coronavirus
Elmhurst Energy’s Managing Director Martyn Reed welcomed the loan facility but accepted that it is significantly less attractive than a grant, especially for a business that is worried about future recovery: “We will continue to work for members, alone and with PEPA, to ensure that everything is done to ensure that our industry is fit for when the market recovers”
For more details and how to apply click here.
Article published: 11/05/2020