Bounce Back Loan Scheme Week Twenty Seven

The original ending date of the Bounce Back Loan scheme was of course November the 4th 2020, however Rishi Sunak did extend the scheme a couple of times and the scheme had been extended and as such today, I will be looking back at the events during week twenty seven of that scheme.

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For reference week twenty seven covered the days from the 2nd of November through to and including the 8th of November 2020 and below is a video of some of the messages I did get sent that week to give you some idea of the problems associated and experienced by many with that scheme during that week.

Below you will see an overview of anything that did happen of interest and an insight into the many ongoing problems that were still being experienced throughout week twenty seven of the Bounce Back Loan scheme.

Rishi Sunak announced this week that you could Top Up Your Bounce Back Loans from Tuesday 10th November and that did offer an additional lifeline for many business owners who needed additional funding from a loan, but only those that did not claim as a BBL the full amount they were entitled to take out when they applied for a BBL would be able to apply for a top up.

It was not too difficult looking back for me to announce/predict that Bounce Back Loan Top-Ups was the Next Accident Waiting to Happen for it did turn out to be just as messed up an experience (topping up a BBL) as it had been applying for a BBL for many people.

Much like all other weeks this one was one in which Lenders Still Refused to Open Business Accounts to New Customers and there was an Update from Rishi Sunak on Helping SME’s in the Months Ahead which looking back was going to be needed with more lockdowns looming.

I did pen an article titled British Business Bank – Do Not Mess Up Bounce Back Loan Top-Ups as they were the rule makers of the scheme, but looking back they did not act on my advice and as you would expect they did not make any concerted effort to make top ups a hassle free and speedy process as one would expect.

Finally Bounce Back Loan Top Ups went live and the Scheme was Extended Again but it was surely pointless extending the scheme if there were no lenders prepared to mop up the people who could not get a BBL due to them not being able to open an account with most lenders that were part of the scheme.

I did also ask this week if Will Rishi Sunak Make an Appearance this Week, as many people affected by the ongoing Covid situation did need extra help and support and he was one person who could give and make available additional financial support.