30th April 2020 / COVID-19 Updates

The Bounce Back Loan Scheme (BBLS)

Barista

The Government has announced a new scheme designed to help small and medium-sized businesses that have been affected by Covid-19. It is almost like Chancellor Rishi Sunak read Geoff’s recent blog - Banks & Lending Institutions and Coronavirus – A Personal Perspective.

The BBLS Outline in brief

  • Businesses will be able to apply from 9am on Monday 4th May.
  • Bounce Back loans for 25% of their turnover up to a maximum of £50,000. Minimum loan of £2,000.
  • No forward looking test on viability and a quick standard form to complete.
  • No fees or interest to pay for the first 12 months and no payments in the first 12 months.
  • Loans should arrive within 24 hours of approval and are 100% Government backed

Eligibility

  • Must be a UK based business.
  • Be negatively affected by the coronavirus issue.
  • Was not an undertaking in difficulty as at 31st December 2019.

This is potentially great news for the UK SME businesses.

To apply for loans through the BBLS scheme, visit the gov.uk website -

https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

M.A.D. Accountants are based in West Bridgford, Nottingham, and are specialists in tax and accountancy assistance for businesses and individuals. We're here to make a difference to your business and your life with no-nonsense, jargon-free advice and help.

Geoff Selby Managing Director
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