• Sam Robinson
• On May 6, 2020

The Government launched its Business Bounce Back Loans on 4 May, and the Hair & Barber Council have summarised everything that you need to know. 

• 100% Government backed (Government is guaranteeing 100% losses to the lender while the borrower remains fully liable for paying back what they owe).
• Provides loans between 2K and £50K.
• Any business can apply for loans worth 25% of their turnover.
• Up to a maximum of £50K.
• Loans can last for up to 6 years.
• No repayments, fees or interest will be due for the first 12 months.
• Interest rate is 2.5% after the interest free 12 months ends.
• Eligibility – be UK based, have been negatively affected by coronavirus, not been in difficulty on 31st December 2019.

**Businesses not eligible: banks, insurers (insurance brokers are eligible), public-sector bodies and state funded primary and secondary schools**

For more information, you can visit The Hair Council here.