Bounce Back Loan Scheme In Demand

Barclays have announced that they received 200 applications in the first minute after the Bounce Back Loan Scheme launched today at 9am. The scheme was introduced as an alternative to the Coronavirus Business Interruption Loan Scheme (CBILS), offering smaller loans. It was designed to assist smaller businesses and sole traders and speed up the application process, with loans between £2,000 and £50,000 on offer, however there is no limit to the size of business that can apply.

The Coronavirus Business Interruption Loan Scheme had come under criticism for delays in handing out loans, however banks have blamed a shortage of staff, heavy workloads, and the need to complete credit checks for the delays. It is hoped that the simplicity of applying for a bounce back loan will speed up the process and allow banks to release the funds far quicker than the CBILS loans. Although the loans are backed by a government guarantee, firms have been reminded to the think carefully about whether they should take on further debt before making an application.

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Can I Accept Bookings During Lockdown?

Government guidelines, aimed at minimising the transmission of COVID-19, had limited bookings for accommodation services to essential workers only, however the Association of Scotland’s Self-Caters has had clarification for the Scottish Government that bookings can be accepted from people whose travel is deemed “essential”. This covers people who may not be key workers, but whose reason for travel is essential, and reasonable evidence of this must be provided upon arrival. Ultimately the accommodation provider is to make the final decision, but if there is ample reason to believe they fit with the exception the booking may be accepted.

Guidance on travel and accommodation and be found on the government website here> Opens in new tab