The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak and that can benefit from £50,000 or less in finance.
To qualify, a firm must have been trading on 1 March this year and not have been in financial difficulty. In other words, the loans are not intended to bail out failing businesses.
HOW IT WORKS
BBLS is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website.
A lender can provide a six-year term loan from £2,000 up to 25% of a business’ turnover. The maximum loan amount is £50,000.
The government will cover the cost of fees and interest for the first year. Businesses will only begin repaying the loan after 12 months.
All lenders will charge a flat rate of 2.5% and the loans will last up to six years.
Mr Jones said: “These are loans, not grants, so if a business is already indebted and taking on further debt, they should think carefully before making an application.”
Do you need more details on new schemes launched by the government to support UK business or other accounting services?
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