The Bounce Back Loan Scheme (BBLS) is a new scheme designed to enable businesses to access finance more quickly during the coronavirus outbreak. Hi James, All I know is that when applying for a Bounce Back Loans you have to declare: “The business (and any wider group of which it is part, defined by having a holding company at the top of their structure) is not already in the process of applying for or has not already received a Bounce Back Loan … The loan is supposed to be astoundingly easy to apply for, utilising an online application form with only seven questions on it. It then gave access to bounce back loans to eligible businesses on a first-come, first-served basis. Businesses should check the British Business Bank website to find out which lenders provide Bounce Bank Loans. Businesses will be required to fill in a short online application form on their lender’s website, which self-certifies whether they are eligible for a Bounce Back Loan facility. It is not revenue received and will not be treated as income it is known as a long-term liability account. When you receive the money into your bank account you will be creating a debit/increase amount of the loan value, the double entry side of this money will be credited to a new Balance Sheet account called Business Bounce Back Loan. Yes but the OP's reporting obligation arises when he suspects that the borrower has received money from a fraudulent application (not when the bank loses money). About the scheme. So if you need a Bounce Back Loan and your current account provider can’t help, it may be wise to apply to another lender as soon as you can. With luck, other major business current providers – such as Nationwide – will offer Bounce Back Loans … At that point, the customer self-certified the information needed for a bounce back loan on behalf of their business, ie, confirmed the turnover of the business, that they have been negatively impacted by coronavirus etc. While businesses can use the money received under the Bounce Back Loan Scheme according to their preferences, there are certain payments that may not be well-received by authorities later on when you file for an insolvency procedure or liquidation. It has come to my attention that a fairly new client of mine has obtained two bounce back loans with separate banks. David. Using the buttons below, select the option that’s most relevant to you. The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that: Bounce back loans can be used to repay existing finance. Do remember, lenders may change their policies at any time. 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