Loan schemes put in place to support businesses impacted by the pandemic, including the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme, will now be open for applications until 31st January 2021.
Businesses will also be able to ‘top-up’ their existing Bounce Back Loan from 9th November, if they originally borrowed less than the maximum amount available to them.
The top-ups are only available from a borrower’s existing BBLS lender. A borrower can apply for a top-up that is for the lesser of £50,000 or 25% of the annual turnover the borrower certified in their original successful BBLS application form, minus the value of their original loan.
Under the Bounce Back Loan Scheme top-up, if a borrower had certified an annual turnover of £100,000 in their original application and taken a Bounce Back Loan of £20,000 (20% of that certified annual turnover), they can ask to borrow an additional £5,000 (5% of that certified annual turnover), taking their Bounce Back Loan to the maximum 25% of their originally certified annual turnover.
For further information and guidance on the loan schemes please use the buttons below: