Bounce Back Loans – The BBLS Outline

Bounce Back Loans – The BBLS Outline

1. Businesses will be able to apply from 9am on Monday 4^th
2. Bounce Back loans for 25% of their turnover up to a maximum of £50,000. Minimum loan of £2,000.
3. No forward-looking test on viability.
4. Quick standard form to complete.
5. No fees or interest to pay for the first 12 months.
6. No payments to be made in the first 12 months.
7. You can’t claim under the Coronavirus Business Interruption Loan Scheme (CBILS) as well under BBLS.
8. However, if you have already received a loan of up to £50,000 under CBILS you have until 4^th November 2020 to arrange with the lender to transfer it to the BBLS.
9. The loans will come through the 40 or so accredited lenders.
10. Loans will be up to 6 years.
11. The Government are still in talks with the lenders regarding a low rate of interest to be applied.
12. Loans should arrive within 24 hours of approval.
13. 100% Government backed.

 

Eligibility

 

1. Must be a UK based business.
2. Be negatively affected by the coronavirus issue.
3. Was not an undertaking in difficulty as at 31^st December 2019.