Bounce Back Loan Scheme (BBLS)

As per the announcement by Chancellor, Rishi Sunak, last week Monday, approved banks has launched yesterday the Bounce Back Loan Scheme (BBLS) for its clients to support them during the current Covid-19 pandemic.

 The new loan scheme is a different offering from the current CBILS product, and aims to support clients with their borrowing needs from £2,000 up to £50,000, which are 100% guaranteed by the government.

 Available to a UK based business that was established before 1 March 2020 and has been adversely impacted by Covid-19.

·    The lending request cannot exceed 25% of 2019 total turnover.

·    £2,000 to £50,000.

·    Maximum of 6 year BBLS term.

·    The UK government will guarantee 100% of the loan and cover the first 12 months of interest payments & fees.