Bounce Back Loan Scheme: Difference between revisions

Revision as of 09:14, 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For new borrowings from April 2021 onward, the BBLS is superseded by the Recovery Loan Scheme (RLS).

Revision as of 09:13, 11 March 2021 (view source) imported>Doug Williamson (Update for Recovery Loan Scheme. Source: ACT blog https://www.treasurers.org/hub/blog/covid-19-march-2021) ← Older edit		Revision as of 09:14, 11 March 2021 (view source) imported>Doug Williamson (Update for Recovery Loan Scheme. Source: ACT blog https://www.treasurers.org/hub/blog/covid-19-march-2021) Newer edit →
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	For new borrowings, the BBLS is superseded by the Recovery Loan Scheme (RLS).		For new borrowings from April 2021 onward, the BBLS is superseded by the Recovery Loan Scheme (RLS).