The “bounce back loan” initiative is a 100% government guaranteed bank loan that you can apply for between £2,000 and up to 25% of turnover or £50,000 maximum. Your turnover figure is fees before expenses which is found in box 15 on page SEF1 on your tax return or the FSE15 figure on your tax summary. If you have more than one trade and so more than one set of self-employment pages, don’t forget to add them together! A key difference to the previously announced business interruption loans is that you don’t need a separate business account and so this loan is now accessible for all sole traders! You will need the date that you started trading from, so have that to hand. It is repayable over 6 years at 2.5% interest and the government pays the interest and fees during the first 12 months. The loan can be repaid early without penalty. Banks offering the loans are found here:

Government guidance: