Bounce Back Loan Scheme: Difference between revisions
imported>Doug Williamson (Add link.) |
imported>Doug Williamson (Update for Recovery Loan Scheme. Source: ACT blog https://www.treasurers.org/hub/blog/covid-19-march-2021) |
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(BBLS or BBL). | (BBLS or BBL). | ||
The Bounce Back Loan Scheme (BBLS) | The Bounce Back Loan Scheme (BBLS) was designed to enable smaller businesses to access finance more quickly during the coronavirus outbreak. | ||
The BBLS | The BBLS supports 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 is £50,000. | ||
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There are no fees or interest to pay for the first 12 months. | There are no fees or interest to pay for the first 12 months. | ||
After 12 months the interest rate | After 12 months the interest rate is 2.5% a year. | ||
Businesses can apply for a loan if they satisfy three conditions: | Businesses can apply for a loan up to 31 March 2021 if they satisfy three conditions: | ||
(1) Based in the UK; | (1) Based in the UK; | ||
Line 25: | Line 25: | ||
(3) Adversely impacted by the coronavirus. | (3) Adversely impacted by the coronavirus. | ||
For new borrowings, the BBLS is superseded by the Recovery Loan Scheme (RLS). | |||
Revision as of 09:13, 11 March 2021
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 supports small and medium-sized businesses to borrow between £2,000 and a maximum of 25% of their annual turnover.
The maximum loan 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 is 2.5% a year.
Businesses can apply for a loan up to 31 March 2021 if they satisfy three conditions:
(1) Based in the UK;
(2) Established before 1 March 2020; and
(3) Adversely impacted by the coronavirus.
For new borrowings, the BBLS is superseded by the Recovery Loan Scheme (RLS).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
- Stranded middle
- WFH