Bounce Back Loan Scheme (BBLS)
The Bounce Back Loan Scheme is a Government scheme that will provide loans of up to £50,000 to ensure that small firms that need vital cash injections to keep operating can obtain finance in a matter of days.
The details announced to date are summarised below:
- Businesses can apply for loans between £2,000 and £50,000 but will be limited to loans not exceeding 25% of turnover.
- Access to cash, following a successful application, should be made available within days.
- Government will step in and repay the loan (100% guarantee) if the company is unable to meet its loan obligations.
- Loans will be interest-free for the first twelve months and Government will cover any other fees associated with the loan set-up.
- No loan repayments will be required for the first year.
- The Government will work with lenders to ensure loans delivered through this scheme are advanced as quickly as possible and will further agree a low standardised level of interest for the remaining period of the loan.
- You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS), though you could transfer CBILS funding to this new scheme.
Who can apply for this loan?
You can apply for a loan if your business:
- Is based in the UK
- Has been negatively affected by Coronavirus
- Was not an ‘undertaking in difficulty’ on 31 December 2019
How to apply?
The full rules of the scheme and guidance on how to apply is available on the British Business Bank website. HERE
How it works?
BBLS is available through a range of British Business Bank accredited lenders and partners, listed HERE.
For more information visit HMRC’s BBLS dedicated page HERE
We hope that you find this informative and useful.