The Bounce Back Loan Scheme (BBLS) is a new scheme designed to enable businesses to access finance more quickly during the coronavirus outbreak.

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?

     Contact the authorized accountants of Super Financial Limited!

     You can contact us by phone, by email, through the website portal (version also available in Romanian) or directly at the offices in:

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01773424110 or 07933 433376

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