Bounce Back Loan Scheme launched

COVID-19
Written By Richard Morrell

The HMRC's new Bounce Bank Loan Scheme (BBLS) is now live.

Small and medium sized businesses can apply for the loan from £2,000 up to 25% of their turnover, subject to a maximum of £50,000.

The loan will be 100% guaranteed by HMRC; lenders are not allowed to request personal guarantees or take recovery action over your personal assets.

The borrower does not need to make any payments for the first 12 months. After 12 months, the loan will attract interest at a rate of 2.5%.

Any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have this switched over to the new scheme.

For more information, visit www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan.

Richard Morrell
Previous

Self-Employment Income Support Scheme (SEISS)
Next

HMRC reveals April 20 start date for Coronavirus Job Retention Scheme