The government’s new Bounce Back Loans have been launched. Small businesses are now able to apply for the new quick and easy-to access loans of up to £50,000. The government has agreed with lenders that a flat rate of 2.5% interest will be charged on these loans. Any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this new scheme. The Chancellor announced that more than 69,000 Bounce Back Loans worth over £2 billion were approved during the first 24 hours of the scheme.
