Bounce Back Loan Scheme: Difference between revisions

Revision as of 12:09, 13 May 2020

COVID-19 - business continuity - UK.

(BBLS).

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak.

The BBLS helps small and medium-sized businesses to borrow between £2,000 and a maximum of 25% of their annual turnover.

The maximum loan available is £50,000.

The UK government guarantees 100% of the loan.

There are no fees or interest to pay for the first 12 months.

After 12 months the interest rate will be 2.5% a year.

Businesses can apply for a loan if they satisfy three conditions:

(1) Based in the UK

(2) Established before 1 March 2020

(3) Adversely impacted by the coronavirus.

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-The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover.
+The BBLS helps small and medium-sized businesses to borrow between £2,000 and a maximum of 25% of their annual turnover.
 The maximum loan available is £50,000.
-The UK government guarantees 100% of the loan. There are no fees or interest to pay for the first 12 months.
+The UK government guarantees 100% of the loan.
+There are no fees or interest to pay for the first 12 months.
 After 12 months the interest rate will be 2.5% a year.
-You can apply for a loan if your business:
+Businesses can apply for a loan if they satisfy three conditions:
-(1) is based in the UK
+(1) Based in the UK
-(2) was established before 1 March 2020
+(2) Established before 1 March 2020
-(3) has been adversely impacted by the coronavirus.
+(3) Adversely impacted by the coronavirus.