Bounce Back Loan Scheme Top Ups Available

Bounce Back Loan Scheme Top Ups Available

The Government has announced businesses can top up their existing Bounce Back Loan Scheme (BBLS) amount if they borrowed less than they were entitled to in the original application. Businesses have until 31 January 2021 to apply.

Details

• Top ups are available only from your existing BBLS lender
• Businesses can apply for a top up that is for the lesser of £50,000 or 25% of the annual turnover as stated in original application, minus original loan amount
• The minimum top up amount is £1,000
• A top up can only be applied for once
• The capital repayment holiday of 12 months runs from original drawdown date

Businesses should apply for a top up via an application form with their BBLS lender.

Extended repayment term

Whilst the repayment term for BBLS has been extended and the intention is for CBILS to be included too, the work starts now for the Government and financial institutions to formally agree and adopt the extended term so these can be implemented.

Banking Partner, Murdoch MacLennan, calls for this urgent extension to repayment terms in a recent article as well as other initiatives to help businesses financially. However, decisions on new payment terms and how these will be adopted need to be made and formalised now. The timeline of decisions being made is critical to give businesses clarity on their recovery plans.

We will keep you up to date on financial support and scheme details as they are available.  

Get in touch

Our in-house Banking and Finance team continue to actively help clients obtain the vital funds they need. If you have any questions or would like to discuss the financial support available for your business in further detail, please get in touch with a member of our Banking and Finance team or speak to your usual Azets contact.