Bounce Back Loans

Re State aid, what is a “partner” enterprise?

A “partner enterprise” is an enterprise that has certain financial partnership with another, without one exercising effective direct or indirect control over the other. They are not sole enterprises or linked enterprises. This is the […]

Bounce Back Loans

Re State aid, what is a “linked” enterprise?

Linked enterprises form a group by controlling the majority of voting rights of an enterprise, either directly or indirectly; or being able to exercise dominant influence over an enterprise. Enterprises are linked when one enterprise […]

Bounce Back Loans

Regarding State aid what is a sole enterprise?

An applicant’s business is a ‘sole enterprise’ if it holds no more than 25% of the capital or voting rights (whichever is higher) in one or more other businesses; and/or other businesses hold no more […]

Bounce Back Loans

What is the definition of group re BBL’s?

For the purposes of eligibility of the Scheme, a group is defined by having a holding company at the top of their structure. However, as part of the application form, businesses are also required to […]

Bounce Back Loans

What is a “business in difficulty?

A business is considered in difficulty if it met any one of the following criteria on 31 December 2019: Individuals or companies that have entered into collective insolvency proceedings; Limited companies which have accumulated losses […]

Bounce Back Loans

Does a BBL count towards State aid allowance?

If the business self-declares as not being a “business in difficulty” on 31 December 2019, then any previous de minimis State aid does not impact a business’ eligibility for the Scheme. Any aid received under […]

Bounce Back Loans

What is a “business in difficulty?

A business is considered in difficulty if it met any one of the following criteria on 31 December 2019: Individuals or companies that have entered into collective insolvency proceedings; Limited companies which have accumulated losses […]

Bounce Back Loans

What if I want to complain about my BBL?

If you need to make a complaint you have the option to contact the lender who will be able to give you details of their standards complaints process and, if you are not satisfied, you […]

Bounce Back Loans

Can I be Turned Down for a BBL?

The borrower is required to self-declare they meet the eligibility criteria for the scheme. Lenders do not have to assess a business’ affordability or viability. Lenders are not responsible for the borrower’s decision to borrow. […]

Bounce Back Loans

What if I need more finance?

Under the Bounce Back Loan Scheme, a business which has had their application for a loan accepted, or is part of a wider group (defined by having a holding company at the top of their […]