Charities are now eligible for the Small Business Bounce Back Loan Scheme
Charities are now eligible for the Small Business Bounce Back Loan Scheme (BBLS).
- businesses will be able to borrow between £2,000 and £50,000 and access the cash within days
- loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form
- the 50% of income from trading criteria is waived for charities.
The scheme will launch for applications on Monday 4 May and is intended to be a temporary response to the unprecedented challenges to businesses as a result of coronavirus (COVID-19).
The Scheme will initially open until 4 November 2020, with the government retaining the right to extend this.
For full details see https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/