Bounce Back Loan Scheme: Difference between revisions

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For new borrowings, the BBLS is superseded by the Recovery Loan Scheme (RLS).

@@ Line 3: / Line 3: @@
 (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 supports 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 is £50,000.
@@ Line 15: / Line 15: @@
 There are 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 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;
@@ Line 25: / Line 25: @@
 (3) Adversely impacted by the coronavirus.
+For new borrowings, the BBLS is superseded by the Recovery Loan Scheme (RLS).