How will the BBLS scheme affect my existing loan? Important Information including Key Facts. If you want to, you can apply for a new overdraft on your business current account. Extension of Bounce Back Loan Scheme (BBLS): The closing date for new BBLS applications has been extended until 31 January 2021. The Government has launched a range of support measures to help support businesses through the disruption caused by coronavirus including: Please refer to a summary of Government support or the Government support website for full details. Once we’ve received your signed documents we’ll send your loan money to your Santander account as soon as we've complete our final checks. It’s important that you read and understand the information in the Bounce Back Loans Key Facts Document and Bounce Back Loan Scheme Data Protection Statement. You must have taken your original BBL with Santander to be eligible for a top up with us. Have an existing Bounce Back Loan open with Santander. The Bounce Back Loan is a new government scheme for small businesses who can apply for loans from £2000 up to £50,000 of financing from their lender to … If you’re applying for a Bounce Back Loan but only have a personal current account which you use for your business, you’ll need to provide us a copy of your 2018/19 self-assessment tax return. Please refer to our Business Group Guidance Sheet for more information. Be the same type of entity as it was when your Bounce Back Loan was first taken out and your business has not changed how you trade. What are the consequences if I do not keep up with repayments? Top ups for existing Bounce Back Loan (BBL) borrowers: If your business has already opened a Bounce Back Loan with us and didn’t borrow the full amount available (either £50,000 or 25% of the annual turnover as stated in the original application, whichever is lower), your business may be eligible for a BBL Top-up. What other forms of government support are available for businesses? If you already have a CBILS loan with us you will need to repay your existing CBILS loan in full by taking this BBLS loan. As part of the BBLS Top-up, the Government is offering a Business Interruption Payment which will cover your interest payments up until the expiry of the interest-free period on your original Bounce Back Loan (that is,12 months from the initial draw-down date of your original Bounce Back Loan). Company A may apply for a Bounce Back Loan. Please read our dedicated Bounce Back Loan Top-up Frequently Asked Questions below before applying for a top up. British Business Bank plc is a development bank wholly owned by HM Government. The guarantee provides Santander with a full guarantee, should you fail to repay the loan following a demand by Santander. Be the same type of entity as it was when your Bounce Back Loan was first taken out and your business has not changed how you trade. Santander and the flame logo are registered trademarks. Have not borrowed the full amount available (either £50,000 or 25% of the annual turnover that you provided in the original application, whichever is lower). If you default under the BBLS Loan, give you a reasonable period to remedy any breach and will not treat the same as an event of default if it is remedied by you within this period. You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/register. Registered Office: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom. Please click the ‘Apply for a Top-up’ button at the bottom of this page. Your business must: If your business has already made a partial repayment of your BBL the total amount of the BBLS Top-up and original loan can’t exceed the maximum of £50,000 or 25% of the annual turnover that you provided in your original application, whichever is lower. The Government will be covering interest payments for the first 12 months. Information on options available to you for help and assistance, including sources of free independent advice. If you default under the BBLS Loan, give you a reasonable period to remedy any breach and will not treat the same as an event of default if it is remedied by you within this period. Please refer to our ‘Top up my existing Bounce Back Loan’ section for more information. Small business grant funding of £10,000 for all businesses in receipt of small business rate relief or rural rate relief; and, Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000, Claim for wages through the Coronavirus Job Retention Scheme. To be eligible to be considered your business must fulfil the following criteria: Please note, the maximum loan size available under BBLS is £50,000. If you have any questions regarding these or require further information, please contact us. This means your overdraft will be removed in full. What is the Bounce Back Loan Scheme (BBLS)? A single Direct Debit will be taken after 12 months to collect total payments due. Registered Numbers 2294747 and 1533123 respectively. The provision by the UK Government of this support does not imply any endorsement or warranty of Santander from the Secretary of State for Business, Energy and Industrial Strategy or the UK Government. At Santander, we understand that to expand your operation you need access to finance. A 12-month business rates holiday for all retail, hospitality and leisure businesses in England. The BBLS is designed to help you in circumstances where you wouldn’t normally meet our eligibility criteria. 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