Originally written by Timothy Adler on Small Business
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 cover the first year of interest payments, meaning you have to repay the rest of the loan yourself. Interest is fixed at 2.5 per cent per annum.
Because the Government Bounce Back Loan is unsecured debt, this means the 29 accredited lenders including the high-street banks cannot ask you for personal guarantees. This means the lender cannot come after your house or personal vehicle if you default.
However, the Government Bounce Back Loan must be repaid and is not a grant.
When does the Bounce Back Loan end?
The Government Bounce Back Loan Scheme (BBLS) is due to expire on March 31.
Am I eligible for a Bounce Back Loan?
Most businesses with some exceptions can apply for a Bounce Back Loan provided they were properly trading before March 1 2020.
You must not have taken out any other form of Government Covid-19 financial support, such as a