I am pleased that the Chancellor has announced this the new Bounce Back loan to support small businesses in South Derbyshire . Many small businesses have been the most exposed to the impact of the coronavirus.
Businesses will now be able to apply for the new Bounce Back loan for 25% of their turnover. This can be up to £50,000 and will be interest-free for 12 months. The government has been doing all it can to support businesses and mainly focused on measures that will avoid increasing debt, these include, cash grants for up to £10,000 or £25,000, tax cuts by removing the business rate tax for a year and deferrals in VAT.
If your business has been impacted and you would like to apply for the Bounce Back loan, the link to do so will go live and be available from 9 am on Monday.
I am pleased that the Chancellor has announced this new loan to support businesses. Many businesses in South Derbyshire will be feeling the effects of the Coronavirus and we must do what we can to support them.
I know many will have done everything they can to avoid debt and I hope have taken advantage of the cash grants and tax cuts available to them, but this new loan will help give them an extra boost to get through this pandemic.
There are many fantastic businesses in South Derbyshire and I would like to take a moment to thank them for how they have supported employees and their local communities and helped in the national effort to fight the coronavirus.