Bounce Back Loans Extended and Top-Ups
From today participating lenders in the Bounce Back Loan Scheme (BBLS) are able to offer small businesses across the UK a top up to their existing Bounce Back Loan if they originally borrowed less than the maximum amount available to them.
The Bounce Back Loan top-up will be available from several large lenders with others anticipated to make the top-up available in due course
The top-ups are only available from a borrower’s existing lender and a borrower can apply for a top-up that is the lesser or £50,000 or 25% of the annual turnover that the borrower certified in their original successful BBLS application form minus the value of their original loan.
The chancellor announced the top-up loan along with extending the new applications deadline for the loan schemes from November 2020 to January the 31st 2021.