UK Issues 100% Gov't Guarantee For Small Biz Loans
Law360, London (April 27, 2020, 5:29 PM BST) -- The Chancellor launched on Monday a program of "micro loans" for small businesses struggling to stay afloat amid the coronavirus lockdown, which will be 100% backed by the government.
The so-called Bounce Back Loans, which will be available from banks from next week, will allow businesses to borrow 25% of their turnover — up to £50,000 ($62,000) — Rishi Sunak told Parliament. The loans will also be interest-free for the first year.
The decision marks the latest extension to the government's £330 billion coronavirus business interruption loan scheme.
Sunak said the smallest companies were struggling to get access to credit. "They are, in...
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