A Look at Week Thirty Five of the Bounce Back Loan Scheme

Christmas came and went and week thirty five of the Bounce Back Loan scheme came and went too, that week covered for reference the days from and including the 28th of December 2020 through to and including the 3rd January 2021.

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As expected, with banks now running on minimum staff there were no major updates on BBL’s or for those seeking top ups either.

Below is that week’s video I compiled of the messages I received during week thirty five, and as usual there were a good mix of messages coming in during that week:

One complaint I often received from those applying for a BBL or even a top up was that they had been declined based on them being told that they had a Cifas marker, however when many such people contacted Cifas they were told they did not have a marker.

With many people now waking up and finding they were in Tier 4 lockdown, it was hoped they would qualify for local authority grants, however sadly many business owners found they did not qualify for any additional help.

Starling Bank, being the last bank standing regarding still allowing people to open a business account were still approving loans and inviting those on their BBL waiting list apply, however it was an agonising wait for those on that waiting list hoping their names would finally be called out.

Rishi Sunak had announced a new replacement scheme would be going live in January 2021, however with the Bounce Back Loan scheme now having been extended to March the 31st it was going to be around the end of March now that any replacement schemes would be going live and not January as many people had hoped.

However, we live in hope that he changes his mind on that, as let us face it most businesses do now need additional help and support and if that help and support is not forthcoming sooner rather than later many businesses will not be able to make it through to March, besides, it should be tax free grants he makes available not additional loan schemes.

Two banks that were causing untold stress regarding top ups were HSBC and Conister Bank, so many people were asking about top ups and the lack of them coming from those two banks for both of them were either not replying to those contacting their support staff or simply not paying out top ups for those that had applied.