Just a quickie today as Sunday is when I tell you all to take a break from this Bounce Back Loan madness. It has been announced that you are going to be able to top up your Bounce Back Loans from Tuesday the 10th of November.
Be aware though many lenders are still currently scrambling around trying to get their respective systems operational for that date and as such I highly doubt all lenders will be ready to accept, process and payout top ups on Tuesday.
We will see. Now get back to having a Sunday away from Bounce Back Loans.
I am of course still more than aware that many of you haven’t been able to get a Bounce Back Loan let alone top it up.
The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
The scheme is open to applications until 31 January 2021.
If you already have a Bounce Back Loan but borrowed less than you were entitled to, from 10 November you can top up your existing loan to your maximum amount. You must request the top-up by 31 January 2021.