Bounce Back Loan Scheme: Difference between revisions

From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson
(Updated for closure of scheme.)
imported>Doug Williamson
(Update.)
 
(2 intermediate revisions by the same user not shown)
Line 27: Line 27:




For new borrowings from April 2021 onward, the BBLS is superseded by the Recovery Loan Scheme (RLS).
For new borrowings from April 2021 onward, the BBLS was superseded by the Recovery Loan Scheme (RLS).




Line 44: Line 44:
*[[Financial stability]]
*[[Financial stability]]
*[[Liquidity management]]
*[[Liquidity management]]
*[[Recovery Loan Scheme]]
*[[Recovery Loan Scheme]] (RLS)
*[[Stranded middle]]
*[[Stranded middle]]
*[[WFH]]
*[[WFH]]
Line 53: Line 53:


[https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses UK government: support for businesses]
[https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses UK government: support for businesses]
[https://www.gov.uk/coronavirus UK government: COVID-19 support hub]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]

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For new borrowings from April 2021 onward, the BBLS was superseded by the Recovery Loan Scheme (RLS).


See also


Resources for COVID-19

ACT technical - COVID-19

UK government: support for businesses