Garages eligible for £50,000 ‘bounce back loans’ under new government scheme

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  • #194781 Reply

    Garage business are to get access to 100 per cent taxpayer-backed loans after concerns were raise about slow access to existing coronavirus rescue sch
    [See the full post at: Garages eligible for £50,000 ‘bounce back loans’ under new government scheme]

    #194805 Reply
    Lewis Jones
    Guest

    Does the chancellor say what the interest will be when repayment is due, and who will set that rate

    #194807 Reply
    David Dawson
    Guest

    Call me a cynic, but there is no mention of interest rate or other terms. i suspect it wont be any easier to access than a conventional business loan

    #194983 Reply
    Rob Waycott
    Guest

    It would be better if Mr Sunak made sure that everyone got the £10,000 or £25,000 grant first, and sorted out the discriminatory system currently applied, before offering loans, even interest free for a short period.
    Because my workshop receives a separate rates bill from my forecourt, we are classed as having more than one site, even though it is all within one ring fence, (and is one business with one set of accounts), therefore we are prevented from applying for either grant.
    At the same time, Tescos does get business rates relief, while also giving it’s shareholders a dividend.
    I believe they have more than one site….?
    Additionally, tescos has benefitted from a boost in trade, while MOT station’s customers have been actively encouraged to stay away. Our trade bodies need to take some action…..

    #195263 Reply
    Matthew B
    Guest

    I got my loan and it was so easy to do. I applied on the 4 May and I received it into my bank the very next day. 0% interest for twelve months, no repayments for 12 months then only 2.5% interest for 5 years

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