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Bounce Back Loan Scheme

Department for Business, Energy and Industrial Strategy written question – answered on 17th June 2020.

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Photo of Nicholas Fletcher Nicholas Fletcher Conservative, Don Valley

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to support businesses that need to increase the amount of money they have borrowed through the Bounce Back Loan Scheme.

Photo of Paul Scully Paul Scully Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Minister of State (London)

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 for the CBILS.

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

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