From 4 May 2020, small and medium-sized businesses can apply for the Bounce Back Loan Scheme (BBLS).
The new scheme offers quick access to government-backed loans for businesses impacted by the coronavirus (COVID-19) outbreak.
How will Bounce Back Loans work?
Eligible businesses can borrow between £2,000 and £50,000 from accredited lenders.
The government guarantees 100% of the loan and will make a Business Interruption Payment (BIP) to cover the first 12 months of interest payments.
There is no fee to access the scheme and no repayments will be due for the first 12 months.
What types of businesses are eligible?
You can apply for a loan if your business:
- is based in the UK
- has been negatively affected by coronavirus
- was not an ‘undertaking in difficulty’ on 31 December 2019
The following businesses are not eligible:
- banks, insurers and reinsurers (but not insurance brokers)
- public-sector bodies
- state-funded primary and secondary schools
If you have already claimed under the Coronavirus Business Interruption Loan Scheme (CBILS), you are not eligible. However, you may be able to arrange with your lender to transfer your loan to the BBLS. This opportunity will be available up to 4 November 2020.
How to apply for a Bounce Back Loan
You can apply for the scheme through a range of accredited lenders across the UK. For full instructions, visit British Business Bank.
Where can I go for further advice?
If you are looking for support regarding the BBLS, or any other coronavirus business support scheme, we are here to help. Please contact us firstname.lastname@example.org or speak to your usual Lubbock Fine contact.