APPLICATIONS for a new business loan scheme to help small companies through the coronavirus crisis open on Monday.
The "bounce back" scheme, announced by Chancellor Rishi Sunak last month, offers loans of up to £50,000 to small businesses, 100 per cent backed by the UK Government, interest and payment free for the first year.
It launches at 9am on Monday with a standardised form to speed up payments, although concerns over fraud have been raised due to the minimal checks.
Interest rates will be set at 2.5 per cent per annum after the first 12 months, the Treasury said.
Last week the Chief Secretary to the Treasury, Stephen Barclay, said he expected to see some companies approved for loans under the Coronavirus Business Interruption Loan Scheme (Cbils) switch to the "bounce back" scheme.
