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MP welcomes Chancellor’s ‘Bounce Back Loan’ announcement

28th April 2020
Posted by Johnny Jenkins

John Baron MP has today welcomed the announcement by Chancellor of the Exchequer, Rishi Sunak, that businesses can apply for new fast-track ‘Bounce Back Loans’ up to a maximum of £50,000 or 25% of turnover.

The Government will pay the interest for the first 12 months and will guarantee 100% of the loan, and loans will be available from 9am on Monday 4th 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. 

John Baron MP said: 

“This is a welcome announcement by the Chancellor and I would encourage eligible businesses in my constituency to apply.

“Whilst the Government has put in place unprecedented financial measures to support businesses through this difficult time, some smaller businesses have found the application process too slow at a time when they are struggling with cash-flow.

“This latest measure is designed to ensure that much needed cash injections are available in a matter of days.” 

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