New state-backed loan scheme for small businesses

Posted on Apr 28 2020

Last night the chancellor, Rishi Sunak announced that small businesses will get access to 100% taxpayer backed loans. This is in answer to concerns about access to other coronavirus assistance schemes being slow.

The scheme will start next week and allow businesses to apply for loans of up to £50,000. Application will be via an on-line self-certification form.

Mr Sunak said that underwriting the loans will remove the risk that banks will not get their money back. This, he said, will speed up the application process.

The information provided in this blog is for general informational purposes only and should not be considered professional advice. As far as we are aware, the content is accurate at time of publication. Torgersens assumes no responsibility for errors or omissions in the content or for any actions taken based on the information provided.

About the Author

Beverley Howells

Partner

Beverley is a partner with Torgersens, specialising in tax. Her role covers all aspects of taxation, from managing compliance to providing business advice. Her main areas of expertise are in business tax and corporation matters and in particular, acting for owner-managed businesses. Having joined the firm as a graduate trainee, Beverley qualified as a Chartered Accountant in 2000. Outside of work, Beverley’s favourite place is the beach, enjoying a walk along our beautiful North East coastline. Ideally, she would be joined by a canine companion and has recently started a campaign for her own office dog!

To get in touch please e-mail beverley.howells@torgersens.com.