Bounce Back Loan Scheme: Difference between revisions
imported>Doug Williamson (Update for Recovery Loan Scheme. Source: ACT blog https://www.treasurers.org/hub/blog/covid-19-march-2021) |
imported>Doug Williamson (Update.) |
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The BBLS | The BBLS supported small and medium-sized businesses to borrow between £2,000 and a maximum of 25% of their annual turnover. | ||
The maximum loan | The maximum loan was £50,000. | ||
The UK government | The UK government guaranteed 100% of the loan. | ||
There | There were no fees or interest to pay for the first 12 months. | ||
After 12 months the interest rate | After 12 months the interest rate was 2.5% a year. | ||
Businesses | Businesses could apply for a loan in the period up to 31 March 2021 if they satisfied three conditions: | ||
(1) Based in the UK; | (1) Based in the UK; | ||
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For new borrowings, the BBLS | For new borrowings from April 2021 onward, the BBLS was superseded by the Recovery Loan Scheme (RLS). | ||
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*[[Financial stability]] | *[[Financial stability]] | ||
*[[Liquidity management]] | *[[Liquidity management]] | ||
*[[Recovery Loan Scheme]] | *[[Recovery Loan Scheme]] (RLS) | ||
*[[Stranded middle]] | *[[Stranded middle]] | ||
*[[WFH]] | *[[WFH]] | ||
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[https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses UK government: support for businesses] | [https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses UK government: support for businesses] | ||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
Latest revision as of 21:25, 30 December 2022
COVID-19 - business continuity - UK.
(BBLS or BBL).
The Bounce Back Loan Scheme (BBLS) was designed to enable smaller businesses to access finance more quickly during the coronavirus outbreak.
The BBLS supported small and medium-sized businesses to borrow between £2,000 and a maximum of 25% of their annual turnover.
The maximum loan was £50,000.
The UK government guaranteed 100% of the loan.
There were no fees or interest to pay for the first 12 months.
After 12 months the interest rate was 2.5% a year.
Businesses could apply for a loan in the period up to 31 March 2021 if they satisfied three conditions:
(1) Based in the UK;
(2) Established before 1 March 2020; and
(3) Adversely impacted by the coronavirus.
For new borrowings from April 2021 onward, the BBLS was superseded by the Recovery Loan Scheme (RLS).
See also
- British Business Bank
- Business continuity plan
- Contingency plan
- COPD
- Coronavirus
- Coronavirus Business Interruption Loan Scheme
- Coronavirus Job Retention Scheme
- Coronavirus Large Business Interruption Loan Scheme
- COVID-19
- COVID-19 Corporate Financing Facility
- Disaster recovery planning
- Financial stability
- Liquidity management
- Recovery Loan Scheme (RLS)
- Stranded middle
- WFH
