Bounce Back Loan Scheme: Difference between revisions

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For new borrowings from April 2021 onward, the BBLS was superseded by the Recovery Loan Scheme (RLS).

Revision as of 12:57, 28 December 2022 (view source) imported>Doug Williamson (Add abbreviation.) ← Older edit		Latest revision as of 21:25, 30 December 2022 (view source) imported>Doug Williamson (Update.)
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	For new borrowings from April 2021 onward, the BBLS is superseded by the Recovery Loan Scheme (RLS).		For new borrowings from April 2021 onward, the BBLS was superseded by the Recovery Loan Scheme (RLS).