The Bounce Back Loan Scheme (BBLS) launched 4 May 2020.
All major high street banks are offering the scheme.
Some of the features and eligibility criteria have been updated.
Key features of the scheme are as follows;
You can apply for a loan if your business can self-certify:
You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS), however if you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
Which businesses meet the “undertaking in difficulty” criteria?
A business is considered in difficulty if it met any one of the following on 31 December 2019:
How to apply
If you use online banking Businesses are required to login and complete the on-line application whilst logged in. Alternatively, you should visit your banks website and complete the online application form.
There will also be series of questions you will need to answer, these should all be fairly straightforward.
Information needed for application
We would recommend you gather the following information to assist with your application:
It is anticipated that loans will be paid within 24-48 hours of approval.
If you require any assistance, please don’t hesitate to contact us.
Further information from the Government regarding this scheme can be found at -https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan