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Bounce Back Loan Applications & Top-Ups Deadline

Bounce Back Loan Scheme: applications & top-ups deadline (31 March 2021)

Applications for the Bounce Back Loan Scheme (BBLS) come to a close on 31st March 2021.

The purpose of the scheme was to allow small businesses, regardless whether they were sole traders, partnerships, or limited companies, a way of getting a cash flow worth 25% of their turnover (within the range of £2-£50k) to support them during the pandemic.  This is a great way to get a cash injection with a very small interest repayment (2.5% over 6-years, where the Government will pay the first 12 month’s interest on your behalf).

The deadline for Bounce Back Loan applications will be on Wednesday 31st March 2021.  If you have not applied for the BBLS and need money to pay tax debts or to get your business moving again, then we recommend you make an application directly with your bank before time runs out.

If you have already taken out a BBLS, you can apply for a top-up to their existing Bounce Back Loan if you originally borrowed less than the maximum amount available to you.  The top-ups are only available from your existing BBLS lender & you can apply for the lesser of £50k or 25% of the annual turnover the borrower certified in their original successful BBLS application form, minus the value of the original loan given to you.

If you need any assistance with your application then please do not hesitate to contact us on 020 8761 8000.

Latest e-Newsletter Confirms Important Updates

Latest News on Gov. Grants, Support, Loans, Deadlines & More

Latest e-Newsletter Confirms Important Updates

Don’t miss our latest newsletter. Published just this week, it includes several updates on the latest Government support for small businesses during the pandemic, including:

  • a possible 4th SEISS grant coming for the self-employed and …
  • extensions of both the Job Retention Scheme (‘furlough’) ….
  • and Bounce-Back Loan Scheme.
  • There’s also a useful link where you can check what help may be available to you using a simple but genius interactive interface.

The newsletter also includes imminent deadlines that may affect you and news about a significant VAT change that will affect the entire Construction Sector.

Have you submitted your Self-Assessment tax return for the year 2019-20? It’s due in a few days! Learn more in the newsletter or get the ball rolling here.

Have you paid any tax you owe for the same period? It’s now overdue if not. Also see the newsletter for more information contact us using the yellow buttons below.

Learn much more about all these topics and more in our latest e-Newsletter, which can be viewed here. For help with any tax or accounting related issue, simply contact us and we’ll be happy to help. Choose an option below …

Bounce Back Loan Scheme (BBLS)

Bounce Back Loans for Struggling Businesses: Ending 30 November!

If your small or medium-sized business has struggled due to adverse trading conditions caused by the pandemic, it may be eligible for a support loan through the Government’s Bounce Back Loan Scheme (‘BBLS’). However, time is running out — you only have until 4 November 2020* to arrange the loan with a lender. That’s just a few weeks away at time of writing. There are some great features, so don’t miss out if you need financial support …

Bounce Back Loans are interest-free for 12 months (with no repayments being required during that time). Thereafter, the interest will be just 2½% per annum. Small businesses can borrow between £2000 and £50,000 depending upon their turnover (the maximum allowed is 25% of their turnover in the 2019 calendar year, up to the £50k ceiling). Another major feature is that the Government guarantees the loan. BBLS loans have a six year term, but you can repay the loan early without incurring an early redemption fee.

The main requirements around eligibility are that:

  • your business is UK based;
  • it was established before 1st march 2020;
  • it has been adversely affected by the pandemic;
  • it is not in bankruptcy, liquidation or undergoing debt restructuring.

N.B. Banks, insurers (excluding brokers), re-insurers, public-sector bodies and state-funded primary/secondary schools are not eligible.

* IMPORTANT NOTE: many of the high street banks now seem to be stating a deadline of the end of November instead of the 4th. However, Taxfile’s advice is to apply before 4th November (the Government’s official, published deadline) to avoid possible disappointment.

A few other caveats apply, so Read more