Impatient I know, but since the announcement of the Coronavirus Bounce Back Loan Scheme on Monday of this week we have all been waiting for more details about how this lifeline for many small businesses will work.
The indications are that this will be a fairly simple on-line application that businesses will be able to complete through their normal banking portal. Initial indications are that it will be a two-screen application form and that once approved funds will be made available within 24 hours.
The two questions that come most readily to mind at present are; firstly, what is an “undertaking in difficulty”, secondly how long will it take between application and decision.
Taking the second first I can’t imagine the interval will be very long. If, as the Chancellor indicated on Monday, payments are made within 24 hours (of approval) it seems unlikely that it will take longer than a similar time interval to make the decision.
With regard to the first point, that is the big question. I know of several businesses that are desperately in need of the assistance offered but for who this definition will be absolutely crucial as to whether the decision is yes or no.
If the scheme is to be launched on Monday surely some detail will be forthcoming tomorrow?
