Harrison Young logo Incorporating Harrison Young

Over 110,000 businesses apply for Bounce Back loans on day one

More than 110,000 small businesses applied for a Bounce Back loan on 4 May, the first day the scheme was available.

Call 020 7703 7594 or email info@pjtandco.com

More than 110,000 small businesses applied for a Bounce Back loan on 4 May, the first day the scheme was available.

Banks providing the loans said they had approved the vast majority of applications and said the money would arrive in bank accounts within 24 hours. The average loan size was £30,000.

The Bounce Back Loan Scheme allows small businesses, hit by the impact of the coronavirus (COVID-19) pandemic, to apply for up to £50,000, with the government guaranteeing 100% of the advance.

Businesses can apply for a minimum of £2,000, up to a maximum of £50,000, or 25% of business turnover, with the government paying the interest for the first 12 months.

Commenting on the launch, Mike Cherry, National Chairman of the Federation of Small Businesses (FSB), said: 'Day one feedback on the Bounce Back Loan Scheme has been mixed. Some have submitted their short application forms with no trouble at all, others have been told to wait for forms to arrive, and some have struggled to make an application due to site failures.'

About our Team

Our partners have individual specialisms which enable us to provide clients with a first class tailored service

Learn more

Latest news
Contact Details

Please call:
020 7703 7594
020 8767 0151 (HY)

PJT and Co
Chartered Certified Accountants
Accountancy House
90 Walworth Road

London SE1 6SW

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2020 PJT and Co Chartered Certified Accountants. All rights reserved. powered by totalSOLUTION.

We use cookies on this website, you can find more information about cookies here.