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Applications Open for Bounce Back Scheme for Business Loans

Small businesses can apply for a Government backed loan of up to £50,000, with no interest charged or repayments needed in the first twelve months. Some self-employed workers and limited company directors may be able to use this as income support.

Published: 06 May 2020 | 12:00 AM Updated: 28 April 2021 | 4:30 PM
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You may be eligible if your business is based in the UK and has been negatively affected by coronavirus. Photo: Shutterstock

Applications are now open for the Bounce Back Scheme, which was initially announced on Monday 27 April.

You can apply for the loan if your business is based in the UK and has been negatively affected by coronavirus. There are more details on eligibility criteria and how to apply on the Government’s website.

Money Saving Expert have published an extensive article on how the loan may benefit self-employed workers who are not eligible for the Government’s Self-Employed Income Support Scheme, and those who work as limited company directors.

You can read their article on the Bounce Back Scheme and how it could provide income support, online here.

Take action now

Although Government initiatives like the Bounce Back Scheme may be useful to some, more than a third of musicians are likely to miss out on Government support, according to new research by the MU.

Ask the Chancellor Rishi Sunak to protect all self-employed workers, and ensure no musician is left behind.

You can use our template letter if you're not sure what to say. Remember to include how you are affected too. Personal stories make all the difference.

Write to Rishi now, see our advice on how.

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