{"id":848,"date":"2020-05-05T00:00:00","date_gmt":"2020-05-05T00:00:00","guid":{"rendered":"https:\/\/taxbak.co.uk\/index.php\/2020\/05\/05\/coronavirus-business-interruption-loan-scheme\/"},"modified":"2020-05-05T00:00:00","modified_gmt":"2020-05-05T00:00:00","slug":"coronavirus-business-interruption-loan-scheme","status":"publish","type":"post","link":"http:\/\/taxbak.co.uk\/index.php\/2020\/05\/05\/coronavirus-business-interruption-loan-scheme\/","title":{"rendered":"Coronavirus Business Interruption Loan Scheme"},"content":{"rendered":"<p>There has been considerable commentary in the media about this support initiative as business owners &#8211; struggling to cope with the reduction in their cash resources due to the COVID-19 outbreak &ndash; are finding it difficult to secure support from their bank.<\/p>\n<p>Readers will be encouraged by the Chancellor&rsquo;s recent comments when he confirmed that personal guarantees should not be requested for loans under &pound;250,000.<\/p>\n<p>The government&rsquo;s offer to guarantee 80% of loans taken out and cover all the set-up and interest charges for the first year of the loan remains an attractive solution for businesses that need the additional liquidity.<\/p>\n<p>If you are considering an application you will be required to produce certain evidence to back-up your request. This is likely to include:<\/p>\n<ul>\n<li>Management accounts<\/li>\n<li>Cash flow forecast<\/li>\n<li>Business plan<\/li>\n<li>Historic accounts<\/li>\n<li>Details of assets<\/li>\n<\/ul>\n<p>The above requirements will vary from lender to lender.<\/p>\n<p><strong>An alternative scheme for micro-sized businesses<\/strong><\/p>\n<p>Smaller businesses may decide to apply for the &ldquo;Bounce-Back&rdquo; Loan Scheme that is now available. Loans can be obtained between &pound;2,000 to &pound;50,000 but limited to 25% of turnover.<\/p>\n<p>These smaller loans are 100% guaranteed by government and with no fees or interest charges payable for the first year.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>There has been considerable commentary in the media about this support initiative as business owners &#8211; struggling to cope with the reduction in their cash resources due to the COVID-19 outbreak &ndash; are finding it difficult to secure support from their bank. Readers will be encouraged by the Chancellor&rsquo;s recent comments when he confirmed that [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-848","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-left-layout","blog-style-postblock","","blog-alt-odd"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=848"}],"version-history":[{"count":0,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/848\/revisions"}],"wp:attachment":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=848"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}