Bounce Back Loans – The BBLS Outline
- Businesses will be able to apply from 9am on Monday 4th
- Bounce Back loans for 25% of their turnover up to a maximum of £50,000. Minimum loan of £2,000.
- No forward-looking test on viability.
- Quick standard form to complete.
- No fees or interest to pay for the first 12 months.
- No payments to be made in the first 12 months.
- You can’t claim under the Coronavirus Business Interruption Loan Scheme (CBILS) as well under BBLS.
- However, if you have already received a loan of up to £50,000 under CBILS you have until 4th November 2020 to arrange with the lender to transfer it to the BBLS.
- The loans will come through the 40 or so accredited lenders.
- Loans will be up to 6 years.
- The Government are still in talks with the lenders regarding a low rate of interest to be applied.
- Loans should arrive within 24 hours of approval.
- 100% Government backed.
- Must be a UK based business.
- Be negatively affected by the coronavirus issue.
- Was not an undertaking in difficulty as at 31st December 2019.