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COVID-19 : Broke into the Piggy Bank Yet? Why A Bounce Back Loan Could Help Save Your Small Business!

A Bounce Back Loan Could Help Save Your Small Business

Tuesday, 19th May 2020

Have you had to break into the small change pot or the kids piggy bank to make ends meet?

Perhaps your small business needs a little extra bit of help during the Coronavirus outbreak, then The Bounce Back Loan Scheme (BBLS) could be just the help you need.

Keypoints

  • Borrow between £2,000 and up to 25% of turnover
  • Maximum loan available is £50,000.
  • The government will guarantee 100% of the loan
  • No repayments due for the first 12 months
  • No fees or interest to pay for the first 12 months
  • After 12 months the interest rate will be 2.5% a year
  • Maximum term is 6 years
  • Access accredited lenders supported by the British Business Bank

Eligibility

You can apply for a loan if your business:

  • is based in the UK
  • was established before 1st March 2020
  • has been adversely impacted by the coronavirus
  • was classed as a business in difficulty on 31st December 2019. Affected businesses will need to confirm compliance with additional state aid restrictions

You cannot apply if you are already claiming under:

However, if you have already received a loan of up to £50,000 under one of the above schemes you can transfer it into the Bounce Back Loan scheme. You have until 4th November 2020 to arrange this with your lender.

How can Onyx help?

We would strongly recommend speaking to your bank first to understand all options available to you.

If you would like us involved, then we will support you during your bank meeting and throughout the application process.

Are your accounts and management information up to date? If not, then we can help to bring your accounting affairs up to date.

You will need up to date year end accounts and management accounts to ensure your application is processed swiftly taking advantage of this measure.

We can prepare cashflows to show how the extra funding will be used and the forecasts for repayment.

Visit our previous articles to access other funding options.

 GET IN TOUCH WITH ONYX

If you have any queries, or want to discuss further, please give us a call us or e-mail us at  enquiries@onyxaccountants.co.uk for a FREE no obligation consultation.

Got any questions or queries? Our friendly team are happy to help. Just drop us a line! Call us on 0121 753 5522 or 01902 759 800.