The Bounce Back Loan Scheme (BBLS) helps smaller companies to get quicker access to funding during the coronavirus outbreak. Bounce back loans are 100% backed by the Treasury in the hope this will speed up lending to those businesses impacted by the Coronavirus pandemic. Here’s what we know so far, and we’ll update you as soon as we hear more.
Who can apply?
Small companies, sole traders and partnerships can apply
You need to be based in the UK
You are negatively affected by COVID19
You can borrow up to 25% of 2019 revenue or £50,000, whichever is higher
You'll have to self-certify that your business is eligible as part of the application
How it works
You can apply from 9am Monday 4 May 2020
There will be a network of accredited lenders
It’s likely that you can apply through your usual online banking site
Short 2 page self-certification online application form, making it easy to apply
Cash should be available within 48 hours of your application
You cannot apply if you’re already claiming under
Coronavirus Business Interruption Loan Scheme (CBILS)
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
COVID-19 Corporate Financing Facility
If you’ve already received a loan of up to £50,000 under one of these schemes you can transfer it into the Bounce Back Loan scheme. You have until 4 November 2020 to arrange this with your lender.
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Apply for Coronavirus Bounce-Back Loan with our assistance!
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