{"id":20408,"date":"2020-10-15T10:50:52","date_gmt":"2020-10-15T10:50:52","guid":{"rendered":"https:\/\/smh.group\/?p=20408"},"modified":"2023-02-15T13:48:48","modified_gmt":"2023-02-15T13:48:48","slug":"bounce-back-loan-scheme-extended","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/bounce-back-loan-scheme-extended\/","title":{"rendered":"Bounce Back Loan Scheme extended"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>The application date for the Bounce Back Loan Scheme (BBLS) has now been extended to 30 November, and the loan repayment process made more flexible.<\/strong><\/h3>\n\n\n\n<p>To date, the BBLS has provided more than a million loans between \u00a32,000 and \u00a350,000 to businesses affected by the Covid-19 crisis.<\/p>\n\n\n\n<p>Businesses can borrow up to 25% of their annual turnover, subject to a maximum loan of \u00a350,000. Loans are 100% guaranteed by the government and are interest-free for the first 12 months, with no personal guarantees required. After 12 months, the annual interest rate is set at a very attractive 2.5%.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Flexible repayments<\/strong><\/h4>\n\n\n\n<p>The original terms of the BBLS required repayment over six years. The new terms provide for more flexibility:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The repayment period can be over ten years, although full repayment can be made at any time without penalty.<\/li><li>It will be possible to make interest-only repayments for periods of up to six months. This option can be used three times.<\/li><li>A business can suspend repayments altogether for up to six months. This option can only be used once.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What can a loan be used for?<\/strong><\/h4>\n\n\n\n<p>The BBLS was introduced quickly and relied on self-certification rather than extensive credit checks. There is little restriction on what a loan can be used for, so long as it benefits the business.<\/p>\n\n\n\n<p>Even if you are unsure whether additional business finance is required, there is no downside to having the funds sitting unused for a year and then repaying in full. Alternatively, an interest-free bounce back loan could be used to repay existing finance, which is likely to be much more costly.<\/p>\n\n\n\n<p>Additionally, the loan can be used to support your personal income, considering it drawn from self-employment, or remuneration\/dividends from a company.<\/p>\n\n\n\n<p>Not surprisingly, the BBLS is expected to result in widespread fraud, with the government unlikely to receive value for money.<\/p>\n\n\n\n<p>The BBLS application process can be found <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.british-business-bank.co.uk\/ourpartners\/coronavirus-business-interruption-loan-schemes\/bounce-back-loans\/for-businesses-and-advisors\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/span><\/strong>, along with a link to accredited lenders.<\/p>\n\n\n\n<p>If you need any assistance in applying for a Bounce Back Loan, our team of <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\">Accounting &#038; Business Advisory<\/a><\/span><\/strong> can help. Contact us on <strong>0114 266 4432<\/strong> or <strong><span style=\"text-decoration: underline;\"><a href=\"mailto:info@smhca.co.uk\">info@smhca.co.uk<\/a><\/span><\/strong> for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The application date for the Bounce Back Loan Scheme (BBLS) has now been extended to 30 November, and the loan repayment process made more flexible.<\/p>\n","protected":false},"author":4,"featured_media":18052,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[651,652,35,83,191,34],"class_list":["post-20408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-bbls","tag-bounce-back-loan-scheme","tag-business","tag-chartered-accountants","tag-finance","tag-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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