Originally written by Timothy Adler on Small Business
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 many Bounce Back Loans can I have?
A top-up is only available from your existing BBLS lender. A borrower can apply for a top-up that is for the lesser of £50,000 or 25 per cent of the annual turnover you certified in your original successful Bounce Back Loan Scheme application form, minus the value of your original loan.
Bounce Back Loan top ups
Under the Bounce Back Loan Scheme top up, if a borrower certified an annual turnover of £100,000 in their original application and took out a Bounce Back Loan of £20,000 (20 per cent of that certified annual turnover), they can ask to borrow an additional £5,000 (5 per cent of that certified annual turnover), taking their Bounce Back Loan to the maximum 25 per cent of their originally certified annual turnover.
Varying turnover amounts certified in original loan applications and the differing