Since Mon, the new 100% state-backed bounce back loans, for up to £50,000, have been available. They’re interest and payment-free in the first year – so pay it off then and it’s no cost, and at a very low 2.5% annual interest after that.
Normally we don’t cover business finance, but I wanted to here, as I’d had an inkling you could effectively turn this into a state support scheme for those who’ve missed out on the official ones, ie, newly self-employed, self-employed with £50k+ profits, ltd co directors (to an extent) and more.
We’ve now had it officially CONFIRMED there’s nowt in the loan rules stopping you using these loans to support your income (though there can be tax/regulation issues depending on your firm’s structure). Of course it’s far from ideal – these are loans, not grants – but it’s an option. So I’ve worked with MSE Kit, Steve, Jo and Callum to rapidly put together our new Bounce Back Loans guide, incl…
– How bounce back loans work & what they cost.
– Bank-by-bank rundown of what’s on offer.
– How to use them to support your income.
– Detailed Q&A with the Treasury.