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New Bounce Back Loans Scheme
The Chancellor has announced that small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders.
Businesses will be able 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 businesses can apply online through a short and simple form
The Chancellor said the new Bounce Back Loans scheme would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.
UK high street to be protected from aggressive rent collection
The majority of landlords and tenants are working well together to reach agreements on debt obligations, but some have been using aggressive debt recovery tactics.
To stop these unfair practices, the government will temporarily ban the use of statutory demands (made between 1 March 2020 and 30 June 2020) and winding up petitions presented from Monday 27 April, through to 30 June, where a company cannot pay its bills due to Coronavirus.
They also come on top of a substantial package of business support measures, including a moratorium on evictions for commercial tenants for at least a 3-month period.
