Each day seems to bring new announcements about the impact the current lock down is having, and will continue to have, on small companies with very limited resources.
Yesterday, in an effort to improve access to funds, the Chancellor announced that the government would now offer 100% guaranteed small loans, now called “bounce back loans”.
A much simplified application process will speed up the time it takes for loans to be granted, these also being interest free for the first twelve months.
Companies will be able to apply for loans up to 25% of turnover, the maximum available being £50,000.
Of course, it remains to be seen how many businesses will be willing to take on additional debt, especially when it is still very unclear as to how and when the economic stranglehold caused by lock down will be eased.
Who knows what tomorrow may bring?