What is a Bounce Back Loan (BBLS): What is my liability?

Please note, the BBLS scheme is no longer open to new applications.
The BBLS scheme was a government initiative for small businesses across the UK who were affected by Covid-19. Through this scheme, UK SMEs could access finance of £2,000 to £50,000, and loans were offered on fixed 6 year terms with a fixed interest rate of 2.5% per year.
The Government gave lenders a guarantee for the loan, which enabled providers to lend to businesses that might not have previously been eligible due to the effect Covid-19 had on their business.
Under the scheme, the Government covered the first 12 months of interest. Borrowers also didn’t have to make any repayments for the first year, allowing businesses to benefit without upfront costs.

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