Bounce Back Loan Scheme: Difference between revisions

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''COVID-19 - business continuity - UK.''
''COVID-19 - business continuity - UK.''


(BBLS).
(BBLS or BBL).


The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak.
The Bounce Back Loan Scheme (BBLS) was designed to enable 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 BBLS supported 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 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 will be 2.5% a year.
After 12 months the interest rate was 2.5% a year.




Businesses can apply for a loan 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;
(1) Based in the UK;
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(3) Adversely impacted by the coronavirus.
(3) Adversely impacted by the coronavirus.
For new borrowings from April 2021 onward, the BBLS was superseded by the Recovery Loan Scheme (RLS).




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