Bounce Back loans start flowing within hours
Businesses started applying for help under the Bounce Back Loan Scheme (BBLS) this morning (Monday 4 May) after the Chancellor set out the basic terms in a letter on Friday afternoon.
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We've been discussing the bounce back loan scheme in this morning's Q&A webinar with Rebecca Benneyworth and Julie Palmer from Begbies Traynor.
Several people in the chat report getting the loans through quite quickly, but apart from Lloyds and Santander, other banks have struggled with volume and getting money into business accounts, according to Kirsty McGregor from the Corporate Finance Network.
Darrly Ashing said Barclays was pretty quick with one client, but half a dozen others had their applications rejected because they had more than one signatory. Catch up with the conversation here (about 20mins in): https://www.crowdcast.io/e/AWEBLiveCoronavirusQ&A/6
It would be interesting to know out of the number of loans approved, how many applications were made, as the statement indicates that no all applications are approved.
Is there an end date when this scheme will stop?
Or a case of apply now while stocks last?
The Bounce Bank Loan Scheme will initially be available for six months from 4 May 2020 to 4 November 2020.
The Bounce Bank Loan Scheme will initially be available for six months from 4 May 2020 to 4 November 2020.
Thanks, that's very handy to know.
hi,
i have applied for bbls 1 week ago with lloyds and after sometime i have recieved a reply email "bbls faciltiy letter",can i plz know what does that mean and whats next ,is it approval to my applicatioin??
thanks in advance