Nick Dott, Chartered Accountant of McDaid and Partners, and Business Associate of Creideasach and REACH 4 BUSINESS has kindly provided the following information:

 

The Chancellor announced on Monday a new fast track loan scheme for businesses in need of smaller loans, backed with a 100% Government Guarantee and without a forward looking eligibility test. Businesses can apply for new “Bounce Back Loans” of up to a maximum of £50k or 25% of turnover, with the Government paying the interest for the first 12 months. The scheme is due to be launched Monday next week (4 May), with more details still to be announced.

 

Once we are in receipt of more information we will let you know.

 

As another point, below I have provided a link to a questionnaire on the government website which will detail, based on your circumstances, the various funding streams available at this present time.

 

https://www.gov.uk/business-coronavirus-support-finder