Not waving but drowning: small businesses struggle to stay afloat weighed down with over £100bn of Covid debt Bank lending to small businesses hit over £100bn last year as SMEs scrambled for Government-backed Covid debt facilities. Overdraft applications flatlined, despite gross bank lending to SMEs rising by 82 per cent to £104bn. Around 1.5m Bounce…
What is the latest Bounce Back Loan news? The Government launched the Bounce Back Loan Scheme (BBLS) on May 4 2020 to help small and microbusinesses get through the coronavirus pandemic. Your small business can borrow a sum equivalent to up to 25 per cent of turnover, capped at £50,000 per business. The Government will…
Work it out: use our Bounce Back Loan calculator to figure out repayments Bounce Back Loan calculator Use the SmallBusiness.co.uk Bounce Back Loan calculator to work out how much your loan will cost in total. How much will my Bounce Back Loan cost? The Bounce Back Loan Scheme, launched in May 2020, was introduced to…
Can I apply for a second Bounce Back Loan? Yes, you can “top-up” your existing Bounce Back Loan if you originally borrowed less than the maximum amount available to you. However, as of November 10 2020, you cannot apply for a second, separate Bounce Back Loan either from your existing lender or another lender. How…
British Business Bank oversees 29 lenders offering Bounce Back Loans Which banks offer Bounce Back Loans? Twenty-nine lenders including all the high-street banks offer Bounce Back Loans. Adams & Company Bounce Back Loan AIB Bounce Back Loan Arbuthnot Latham Bounce Back Loan Bank of Ireland UK Bounce Back Loan Bank of Scotland Bounce Back Loan…
Empty wallet: the National Audit Office estimates £26bn of Bounce Back Loans will never be repaid High street banks are set to handle overdue Bounce Back Loan debt repayments themselves, abandoning plans for an agency to deal with emergency Covid-19 loans. The banking industry has decided that a collection agency would merely complicate the business…
Extra time: Chancellor Rishi Sunak wants to support businesses hit by further Tier 3 restrictions and a possible no-deal Brexit Rishi Sunak has extended the UK’s £68bn coronavirus emergency financial support including the Bounce Back Loan Scheme until the end of March. The Bounce Back Loan Scheme, the Coronavirus Business Interruption Loan Scheme and the…
UPDATED: The government’s Bounce Back Loans scheme has been extended until the end of March 2021. Previously, the loan deadline was extended to January 31 2021. > See: Bounce Back Loan Scheme extended until the end of March We’ve answered some of the most frequently asked questions around the scheme. Can I have 2 Bounce…
Rip it up: accountants say it would be better to turn Bounce Back Loans into grants Writing off the £42bn worth of Bounce Back Loans that have been issued to small businesses is going more effective in the long-run than chasing debts which will never be repaid. So says accountancy association the AAT, responding to…
Continued support: Chancellor Rishi Sunak wants to keep supporting SMEs beyond January The government is planning to replace existing coronavirus business support with a permanent state-backed small business loan scheme. Under the plan, which would be launched in January, the government would guarantee 80 per cent of loans to small businesses, ranging from a few…
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