Yesterday, we sent a communication regarding the Bounce Back Loan. 

You can borrow between £2,000-50,000 and during the first year with no repayment fees or interest. After which you payback over 5 years with interest fixed at 2.5%.

Click here for the full details and how to apply.

Below is PharmaPlus’s view on whether members should consider this loan:

As highlighted before by PharmaPlus, members need to be mindful that we anticipate that many community pharmacies will experience cash flow issues in June / July 2020 as the impact of your pandemic business expenditure takes hold. 

• Our guide on cashflow and planning ahead is available by clicking here.
• This document is supported by a video that can be found here. 
• The cashflow calculator can be downloaded by clicking on this link.

We feel it is good to have the loan as a safety net particularly for the first 12 months,since it is free of cost and easy to apply. It will at least help you pay your suppliers on time.Members can then decide at 12 months if they want to carry on with the loan and pay the appropriate interest / repayments or simply pay it all back.

Members may find these funds useful to reconcile any existing loans / debt / overdrafts, or just to keep it as a safeguard for the future. The loan is a time-limited offer and it is better to take it now as it is likely to change or be removed in the near future. 

We of course advise members to consider their own circumstances carefully and consult your accountant or financial advisor prior to taking any action.