Despite having now passed the 1-year anniversary of the first UK lockdown, many businesses continue to feel the financial impact of coronavirus. There are still a number of financial support schemes available to help businesses and the self-employed stay afloat and ‘bounce back’ once restrictions are lifted. Here’s a summary of the key business support schemes.
The government has announced that businesses who took out Bounce Back loans to get through the pandemic will have greater flexibility to pay back what they borrowed. Pay as you grow will allow borrowers the option to tailor payments according to their individual circumstances and delay repaying for a further 6 months.
The latest of the government’s financial support initiatives is set to launch next Monday 4 May. The Coronavirus Bounce Back Loan Scheme will help small and medium-sized businesses to apply for loans of up to £50,000.