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Bounce Back Loan Scheme

Question for Department for Business, Energy and Industrial Strategy

UIN 51958, tabled on 1 June 2020

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether small businesses, who initially applied for less than the maximum £50,000 from the Bounce Back Loan Scheme, can apply for the remaining amount as the longer term effect of the covid-19 outbreak on their business becomes apparent.

Answered on

4 June 2020

Under the Bounce Back Loan Scheme (BBLS), businesses can apply for between £2,000 up to 25% of their turnover. The maximum loan available under the Scheme is £50,000. Once a business has received a BBLS facility, it is not eligible to apply for a second loan under the Scheme.

Businesses using BBLS, who later decide that they need more financing, may be able to refinance under the Coronavirus Business Interruption Loan Scheme (CBILS) provided they are eligible.

Businesses are not permitted to access more than one of either the Bounce Back Loan Scheme, CBILS, CLBILS or the Covid Corporate Financing Facility (CCFF) scheme at the same time.

The BBLS is part of a comprehensive package of support, including the Job Retention Scheme, VAT and tax deferrals, and small business grants. All businesses can reach out to their lenders and landlords for payment holidays during the COVID crisis.

Businesses in England can find up to date information on all available support at our website, from the Business Support Helpline (0300 456 3565) and through their Local Growth Hubs.

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