The Bounce Back Loan Scheme (BBLS) was launched on the 4th May 2020 alongside the existing Coronavirus Business Interruption Loan Scheme (CBILS). This is intended to provide micro and small businesses with the ability to borrow up to £50,000 quickly.
However, there are some key features business should understand before applying for a “Bounce Back Loan”:
If a business will not require borrowing greater than £50,000 in the next 6 months then it is likely that the Bounce Back Loan will be suitable. However, if the business will need to borrow more than £50,000 (including purchasing equipment via Hire Purchase or Lease or raising additional funding during that time) then it is likely that CBILS is the most appropriate scheme to use.