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Bounce Back Loan Explained

Claire Priestly from takes 2 minutes to tell us all about the Bounce Back Loan which opens on 4th May 2020 for SME's in the UK.

You can apply for a loan if your business:

  • is based in the UK

  • has been negatively affected by coronavirus

  • was not an ‘undertaking in difficulty’ on 31 December 2019

Who cannot apply

The following businesses are not eligible to apply:

  • banks, insurers and reinsurers (but not insurance brokers)

  • public-sector bodies

  • state-funded primary and secondary schools

Don't forget, If you’ve already received a loan of up to £50,000 under CBILSand would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

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