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Business Bounce Back Loan (BBBL) Update and How to Apply

2020-05-04T22:18:28+01:00May 5th, 2020|Categories: Blog, COVID-19|Tags: , , , |

Chancellor Rishi Sunak has written to accredited lenders about how the Government wants BBLS to be run. He makes the point that as a 100% guaranteed loan scheme, the price of BBLS is critical to its success and that the loans need to ensure that these loans are affordable and accessible. He has come to the decision that the interest rate should be set at 2.5%. Legislation and regulation Amending the regulatory perimeter The Treasury has made a statutory instrument (SI) that amends the Regulated Activities Order (RAO) so that providing regulated small business loans of £25,000 or less [...]

Government Announces “Bounce Back” Loans

2020-04-28T18:01:13+01:00April 28th, 2020|Categories: Blog, COVID-19|Tags: , , , |

The Government has announced a new 100% Government backed loan scheme for small businesses. Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor announced yesterday. Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic. Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and [...]