Bounce Back Loan Scheme: Difference between revisions

Revision as of 14:56, 19 August 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 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For new borrowings from April 2021 onward, the BBLS is superseded by the Recovery Loan Scheme (RLS).

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-The BBLS supports small and medium-sized businesses to borrow between £2,000 and a maximum of 25% of their annual turnover.
+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 is £50,000.
+The maximum loan was £50,000.
-The UK government guarantees 100% of the loan.
+The UK government guaranteed 100% of the loan.
-There are no fees or interest to pay for the first 12 months.
+There were no fees or interest to pay for the first 12 months.
-After 12 months the interest rate is 2.5% a year.
+After 12 months the interest rate was 2.5% a year.
-Businesses can apply for a loan in the period up to 31 March 2021 if they satisfy three conditions:
+Businesses could apply for a loan in the period up to 31 March 2021 if they satisfied three conditions:
 (1) Based in the UK;