Coronavirus loans of up to £50k for small firms will be 100% guaranteed by Gov – and arrive within hours

LOANS of up to £50,000 for Britain's army of small firms crippled by coronavirus will now be 100 per cent guaranteed by the Government, Rishi Sunak has announced.

And the cash will arrive within 24 hours of applying for the new micro-loans scheme.

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The Chancellor said firms will be able to start applying for the new “bounce-back” loans from next Monday at 9am.

The loans will be interest-free for the 12 months and the application process will be entirely online.

The two major changes come after mounting pressure on the Treasury to step in after just 16,600 loans were approved by the end of last week.

Previously the Government guaranteed 80 per cent of the loans.

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But it faced calls to increase this to 100 per cent amid fears that banks were reluctant to grant loans because they had to make up the extra 20 per cent.

The loans are interest free for a year, with no capital repayment required within the first 12 months and no penalty for early repayments.


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