Rochdale BID want to keep you updated with the latest news, information and advice during the coronavirus (COVID-19) pandemic. Please check our website daily for more updates for businesses and website individuals.
New Bounce Back Loan Scheme
The new Bounce Back Loans scheme, announced by the Chancellor yesterday, will allow businesses to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and from Monday 4 May, businesses can apply online through a short and simple form.
The Government, which has been consulting extensively with business representatives about the design of the new scheme, 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.
The loans will be easy to apply for through a short, standardised online application. Loans should reach businesses within days – providing immediate support to those that need it as easily as possible.
The scheme will launch for applications on Monday 4 May. 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.
The new scheme will run alongside the existing Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS).
The Government is also taking additional steps on the Coronavirus Business Interruption Loan Scheme (CBILS) to ensure that lenders have the confidence they need to process finance applications quickly, including removing the per lender portfolio cap for the government guarantee, and changing the viability tests that so that all banks will need to assess is whether a business was viable pre COVID-19.
Thank you
As we support one another through this second phase of lockdown, it is important that we continue to share the right information and official government guidance to help keep everyone in Rochdale safe.
The BID wishes to thank everyone in Rochdale for adhering to this temporary way of life. It is incredibly inspiring to see so many local people and volunteer groups pulling their resources together to look after the most vulnerable in our community.
Useful Links
UK Government – Coronavirus: latest information and advice
UK Government - COVID-19: guidance for employers and businesses
UK Government – Coronavirus business support
National Health Service - Coronavirus (COVID-19)
Acas – Coronavirus advice for employers and employees
World Health Organization – Getting your workplace ready for COVID-19
If you have any queries regarding the support which his currently being offered, please don’t hesitate to contact me on 07811 278517.
Paul Ambrose
BID Manager
28 Apr 2020