On 27 April 2020, Chancellor of the Exchequer Rishi Sunak announced further financial support for small businesses affected by Coronavirus. 

The Bounce Back Loan scheme allows small businesses to apply for loans of up to £50,000 repayable over a term of up to 6 years. The aim of the scheme is to provide small companies with a short term cash injection to help them cope with the acute disruption which has been caused by COVID-19.

The online application for the Bounce Back Loan scheme will be open from 4 May 2020, and consists of a 'short, standardised online application' which, once approved, aims to pay out to small businesses within days, providing financial support to the UK's most vulnerable companies.