Bounce Back Loans: all you need to know

Picture of my son and my husband bouncing on space hoppers for my post about Bounce Back Loans

Get your business bouncing back

I applied for a Bounce Back Loan – here’s how Bounce Back Loans might help your business too!

Bounce Back Loans are the new kid on the block for financial support during coronavirus, launched on Monday 4 May.

Rishi Sunak, the Chancellor, has been doling out money hand over fist since his first budget back in March. Mega loans for major companies, furlough payments for employees, lump sums for certain self-employed – haemorrhaging billions of pounds.

Trouble is, the banks have been reluctant to dole out cash to small businesses that might be crippled by coronavirus. Plus, many self-employed were screaming about the lack of support, if they fell through the cracks of the Self-Employment Income Support Scheme (SEISS). No joy from SEISS if you work via a limited company, only became self-employed since April 2019, get less than half your income from self-employment or earn more than £50,000 a year in profit.

But now Bounce Back Loans are riding to the rescue, designed to get cash to small businesses fast. In the four months since Bounce Back Loans were launched, more than a million small businesses have used them to borrower £38 billion. 


Rishi Sunak announced changes to make Bounce Back Loans repayments more affordable in his ‘Winter Economy Plan’ on 24 September.

Borrowers will be be able to repay Bounce Back Loans over a long period of up to 10 years, rather than six.

Borrowers will also be able to move temporarily to interest-only payments for up to six months (an option that can be used up to 3 times), or pause repayments entirely for up to 6 months (can only do once, and after making at least six payments).

Plus, Rishi has extended the deadline for applications until the end of November.

Pin for later:

Pinterest size image of space hoppers for my post on Bounce Back Loans

What is a Bounce Back Loan?

These loans are meant to help small businesses hit by coronavirus. I am not a fan of debt, but they look good.

  • Borrow between £2,500 and £50,000.
    • So not ‘bail out Virgin Atlantic’ huge sums here, but useful cash
  • Maximum 25% of your annual turnover
    • Turnover is the bigger figure, not the profits or losses after deducting costs used for SEISS. I just lifted the turnover figure from my 18/19 tax return. I believe the banks will also take full year 2019 figures.
    • You cannot top up or increase a bounce back  loan after being approved, or apply for two bounce back loans for the same business, so think carefully about how much to borrow.
  • No interest or repayments during the first year
    • Yup, free money for a year
  • Interest fixed at 2.5% afterwards
    • That’s waaaay lower than interest on normal commercial loans, credit cards and overdrafts.
  • Loans were due to last for six years, but this was extended to 10 years  – and crucially, you can pay money back sooner without getting whacked with early repayment charges
  • New options as of 24 September to make repayments more affordable:
    • Reduce payments by switching to interest-only payments for up to 6 months, and do this up to three times
    • Pause repayments entirely for up to 6 months, although only after making at least six payments
  • You don’t have to put up any security
    • Which means the bank can’t take away your home or your car, for example, if you can’t pay the money back.
  • Super simple application process and fast pay outs
    • The Government is backing the loans and covering interest and fees for the first year, which means the banks are actually willing to dole out the money.
    • Very little required in terms of paperwork, proof your business has been damaged by coronavirus or detail on what you’re going to do with the money.

So as loans, the Bounce Back version are pretty attractive: no interest or repayments for the first year, a low interest rate afterwards, and no penalties if you pay them back before the 10 years are up.

Sole traders, sole directors of limited companies, and people who only recently became self-employed can all apply, provided their businesses were established before March 2020, have been adversely affected by Covid-19, and are still going.

As support during the pandemic, the Bounce Back Loans have other benefits too:

  • They don’t stop you getting other support from the Self-Employment Income Support Scheme (SEISS) or Universal Credit
  • You can keep working away at your business, unlike employees who are furloughed
  • As a sole trader, you won’t pay tax on the money, unlike any SEISS payout.

Where can I get a Bounce Back Loan?

A whole host of big banks offer Bounce Back Loans, including (deep breath): HSBC, Lloyds, TSB, Barclays, Santander, NatWest, RBS and Bank of Scotland, plus the Co-operative Bank, Clydesdale Bank, Yorkshire Bank, Danske Bank, Ulster Bank and Starling.

More recent additions include Tide, Bank of Ireland, Allied Irish Bank (AIB) and Skipton Business Finance, followed by JCB Finance, Metro and Paragon. You can find the full list of banks accredited to offer Bounce Back Loans here.

But no Monzo and none of the building societies *cough* Nationwide.

So if you’ve already got a business account with one of those banks, you’re sorted. If you’re willing to open a business account, a few will let you sign up as a new customer and still apply for a Bounce Back Loan (Barclays, NatWest, RBS and Ulster Bank. Starling started off letting new customers open accounts and apply, but is now prioritising existing customers). 

The British Business Bank (which signs up banks offering Bounce Bank Loans and other coronavirus financial support) warns that businesses that are new, rather than existing, customers will have to jump through additional hoops when opening accounts. These include customer fraud, anti-money laundering (AML) and Know Your Customer (KYC) checks, before it’s possible to get a loan.

Limited companies have to have a proper business account. The issue comes if, like me, you’re a sole trader who has been pottering along using a personal current account for your business, to avoid the pesky fees and hassle of an official business account.

What if I don’t have a business account?

Most of the banks won’t let you get your mitts on a Bounce Back Loan without a business account, even if you’re already a customer.

Only HSBC, Santander, Clydesdale Bank and Yorkshire Bank will let existing personal customers apply, without opening a new account. Buried in the HSBC small print, it also says sole traders who are First Direct personal current account customers, with businesses that started on or before 5 April 2019, can apply through the HSBC online portal.

NatWest, RBS and Ulster Bank will let existing customers open a ‘feeder’ account instead, a temporary account which just receives the loan money before paying it out somewhere else.

But if you’re not an existing customer of those banks, and you’re still holding out against a business account, the only option is HSBC. HSBC will let brand new customers open a feeder account, not just a business account, to apply for a Bounce Back Loan. You might end up further back in the queue than existing customers or business account applicants, but the money should show up in the end.

Brace yourself for delays though:

 UPDATE 18 MAY: So many readers have commented about delays in getting Bounce Back Loans from HSBC that I asked for a comment, and a spokesperson said: 

“We’ve seen unprecedented demand for Bounce Back Loans. We have been working hard to get these much-needed loans to our customers as quickly as possible and we apologise for any inconvenience. Loan offer letters are being emailed to customers and funds will be received shortly after them being accepted.  We have advised businesses that aren’t currently our customers to go to their own bank first because the due diligence on anti-money laundering and fraud checks for account opening will take significantly longer.”

Originally, I suggested challenger bank Starling as an alternative. Starling offers a free business bank account and normally has a great rep for opening accounts pdq, which seemed like a fast route to a Bounce Back Loan. However, Starling does then expect you to use its account as your main business account.

However, due to record demand, Starling has paused applications for new business accounts for sole traders until 1 June. Limited companies and limited liability partnerships can still apply, but as of 21 May Starling is prioritising Bounce Back Loan applications from established customers.

As of May 17, Starling was also rejecting a pretty high 1 in 6 bounce back loan applications:

Why did I apply for a Bounce Back Loan?

Normally, I steer clear of debt. No car financing, overdraft or outstanding credit card balances. Heck, we don’t even have a mortgage, after making the big move from London to Suffolk.

But I do like free money, and for 12 months, the Bounce Back Loans are completely free: no fees, no interest, no repayments. As a sole trader, I won’t even have to pay any tax on the borrowing, unlike any lump sum from SEISS.

Officially, Bounce Back Loans can be used for investment or the costs of running your business, including bills, debts and wages. Directors of limited companies could also take money as dividends, but it’s worth checking with your accountant about the tax implications. The form makes it plain that the money has to provide economic benefit to your business, and be used for business and not personal purposes.

In practice, a Bounce Back Loan could come in very handy for :

  • clearing expensive debt
  • investing in your business
  • boosting lower income
  • bolstering emergency savings
  • contributing to tax bills
  • sitting back and hoping to become a millionaire

For anyone who already has expensive debts, a Bounce Back Loan could clear some or all of that burden, with the breathing space of no interest payments for a year.

I’m incredibly fortunate that as a self-employed money journalist and blogger, I can continue working during lockdown. I’m even luckier because although some work has been delayed or disappeared, I do still have some regular contracts, and therefore income.

But having lived through the 2008 credit crunch, I’m only too aware that work can take a while to pick up.

As an optimist, a Bounce Back Loan could help invest in my business, whether as training courses, ad spend, broadcast equipment, a website redesign or creating a logo. As a pessimist, the money could bolster income or emergency savings should work disappear.

I spent yesterday crunching the numbers for my 2019/20 tax return. This is highly unusual, as I don’t normally touch my tax return until the dying days of January. However, I wanted to work out quite how much I’ll owe in tax next January, especially if I defer my July tax bill till then.

Because do note that while the Government is offering to delay the July tax payment, it won’t actually disappear. Instead, you just get stuck with paying it later, on top of your normal January tax bill. And given lockdown didn’t start until right at the end of the 19/20 tax year, January 2021 tax bills could still be hefty. Any drop in income caused by coronavirus will only really be reflected in the January 2022 tax bill, although you could ask for a lower ‘payment on account’ part for 20/21 due in January 2021 and July 2021.

So even if I don’t need the Bounce Back Loan money instantly, it could come in handy towards a chunky future tax bill.

Stashing the cash in a savings account won’t generate much, when interest rates are so rubbish. You won’t get much more than a tenner for every £1,000 borrowed. But I could potentially bung the lot in Premium Bonds while waiting to use it for my business, cross my fingers for a million pound jackpot*, then pay the loan back before the interest kicks in.

*Odds of winning a million pounds with any one Premium Bond are 1 in 43.07 million, so don’t hold your breath

The drawbacks to Bounce Back Loans

However attractive Bounce Back Loans might be, they are still debt.

You will need to pay the money back, plus interest if you borrow longer than a year.

If you’re likely to blow the lot with nothing to show for it, then borrowing could be a massive mistake. If borrowing would keep you awake at night, steer clear.

Even if you do decide to go for a loan, remember just because you can borrow up to 25% of your annual turnover doesn’t mean you should. As my driving instructor used to say about the speed limit – it’s a limit not a target. If a smaller sum would be helpful, and easier to repay, borrow less. And if your business picks up, and you are able to pay the loan back quicker, you’ll pay less (or even zero) interest.

What next?

On Wednesday 13 May, I sat around on hold to HSBC long enough to ask for a feeder account. Apparently I should hear back within five working days, at which point I can actually apply for a Bounce Back Loan, and hope to have the money a few days after that.

But if you already have a business account with the right bank, you could get a payout even quicker, potentially only a day or two after applying.

Will keep updating this post to let you know how I get on!


Day 2, Thursday 14 May: Discovered I could use the account details for my First Direct current account to apply for a Bounce Back Loan via HSBC’s online portal, so put in an application over the internet. Figured if and when I was contacted about the feeder account, I could explain about the online loan application, and make sure I didn’t end up applying for two loans.

Day 6, Monday 18 May: Sounds like many banks have been overwhelmed by applications for Bounce Back Loans. I haven’t yet heard from back from HSBC. Many readers below have commented about delays with HSBC and Starling, although others have had their loans paid out promptly. 

Day 7, Tuesday 19 May: Had a call from HSBC, six days after asking for a feeder account, booking a call tomorrow (20 May) to go through the checks needed. Explained I had also applied via the online portal with my First Direct account, and wanted to make sure I only end up with a single loan.  The  client  support manager said I might as well set up the feeder account while I could, in case it was needed, but to let him know if I did hear anything from the online application. So progress, but still not near any cash!

Day 8, Wednesday 20 May: 65 minutes (!) on the phone with HSBC, providing all the info for the ‘Know Your Customer’ and ID checks to open a feeder account. Wish I’d know I’d have to take a selfie before the call started… Told it could take 4 to 5 working days to confirm the account had been opened and then I can apply for the actual Bounce Back Loan. 

Client support manager had not been able to track down my online application for a Bounce Back Loan from the reference number I provided. Sounds like the online applications for Bounce Back Loans, and the applications for feeder accounts, are handled completely separately.

Day 10, Friday 22 May: Email from HSBC. HSBC have signed a document for my feeder account and ‘are carrying out our usual due diligence and approval checks’, but the account isn’t open yet. Meanwhile I still haven’t heard anything at all about my actual Bounce Back Loan application using my First Direct account details.

Day 14, Tuesday 26 May: Two weeks since I started trying to get a Bounce Back Loan. Still no feeder account. Still no response to my online loan application using my First Direct account details.

Day 16, Thursday 28 May: Email from HSBC. Apparently, my application for a feeder account is expected to be approved by tomorrow and they will be in touch afterwards. 

Day 17, Friday 29 May: Email from HSBC. Minor error in my feeder account application form. Put a trading name in one field but ticked ‘no trading name’ somewhere else. This has now been corrected and resent to quality control, but means I won’t hear back till Monday.

Ring HSBC coronavirus support line to check on the progress of my Bounce Back Loan application via the online portal using my First Direct details, submitted on Day 2. Nice lady says if I got an email after submitting it with an application  ID number (I did), my application is in progress. Cannot tell me anything else at all – can’t access loan applications, can’t see any progress, can’t put me through to anyone who could, can’t give any idea of how long loan applications are taking to process.

Does say that no feeder accounts have been opened yet. Can this really be true?

Day 20,  Monday 1 June: Call from HSBC!  My feeder account is soooo close to being opened. 1 hour six minutes on the phone, all to add two signatures and bank account details to an application form and send it back.

Note for anyone else: Don’t use Safari to access the HSBC secure system. Use Chrome or another browser, to avoid getting stuck in hideous ‘downloading’ limbo. My client support manager, Sam, is endlessly patient but I am beginning to understand why processing thousands of applications may be taking weeks.

11.43am: I have a feeder account! HSBC calls back with my account number and sort code. I can now apply for a bounce back loan using the online portal and my feeder account info. The same online portal that I used 18 days ago, when I applied using my First Direct personal current account info. The dilemma: should I put in two applications? Or continue waiting for the results of the first application? I ask if it is possible to contact the Bounce Back Loans team, and find out what’s happening with my original application.

Day 23, Thursday 4 June: Emailed my client support manager for the HSBC feeder account, asking if he’s discovered who I can contact about the progress of my application using my First Direct details. He can’t give me a phone number, but does say he has referred my case to the service recovery team. 

4.22pm: Email from HSBC Echosign with a Bounce Back Loan document and direct debit instructions to sign! I sign online and get emailed a copy of the completed document. After three weeks, my Bounce Back Loan might actually be happening! Now to see when the money actually reaches my account…

Day 24, Friday 5 June: The Bounce Back Loan money has been paid into my account!!!! Showed up the morning after signing the loan document. So it’s taken 15 working days, and 22 actual days, from applying with my First Direct personal current account details on Thursday 14 May.

Now – over to you. Have you applied for a Bounce Back Loan? Why does it appeal to you? Or why would you avoid one?


Previous posts:

How to slash your budget to the bone

10 ways to find money in a hurry before payday

How to save despite yourself

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  1. Maz
    14th May 2020 / 8:01 am

    Thanks for this, good article but what credit checks are carried out and can this go against you if it’s not your direct bank? As my business account is not with any listed.


    • Faith
      14th May 2020 / 11:02 am

      Getting the Bounce Back Loan is the easy part: you just need to have a business based in the UK that has been negatively affected by coronavirus and was operating on 1 March 2020. You don’t have to provide proof you can afford the loan, though you will need to self-certify that you’re not an ‘undertaking in difficulty’ and you will be able to repay the loan as scheduled.
      However, if you need to open a new business bank account to apply for the loan, then yes, you will have to go through a credit check. The alternative would be to use HSBC to open a feeder account, which is only used to receive the money from your Bounce Back Loan before paying it into your existing business account.

      • Maz
        15th May 2020 / 10:03 pm

        Thank you!

        • Rob Price
          22nd May 2020 / 5:13 pm

          HSBC seem to be taking ages applied as an existing first direct customer on the 7th May, as of today 22nd May not heard a thing.

      • Lee Grant
        24th May 2020 / 6:23 pm

        Hi there I have two businesses, one (vehicle sales) is a sole trader company T/A …. & the other is a limited company (Mot Testing Station) which I am the director off with my wife who is the sole shareholder 100% holdings. I am with Barclays and have applied and accepted for a small bbl loan for the sole trader business which I intend to use to pay off a old loan for the business which is high interest rate and give us some better breathing during this crisis. We have also applied for bbl for the limited company via our Barclays online account but they seem to be taking there time and suggesting we may not be entitled to a 2nd bbl as we are group. The businesses are two separate companies with different structures and business addresses. I don’t hold shares in the LTD company so am not a person with significant interest so we should be accepted for bbl.
        I’m I missing something ?

      • Ish
        9th June 2020 / 12:04 am

        I’m self employed and provided Hsbc everything they required. I applied for a feeder account around a month ago and because I owe a few thousand on credit cards from a while ago, they declined me. Basically speaking, why are they doing full credit checks on a feeder account as it clearly isn’t a business account. Also, it doesn’t say anything on their website about full credit checks on feeder accounts. Very misleading from a big boy bank like them ‍♂️

        • Faith
          9th June 2020 / 10:28 am

          Hi Ish – Sorry you’ve been rejected for a feeder account. HSBC did confirm they do credit checks when opening accounts as part of their standard anti fraud checks.

          • Emily Duckworth
            15th June 2020 / 4:44 pm

            Hi Faith, do credit checks get done to apply for the BBL or not.
            Ive had my credit check to be able to open a business account with Barclays and that came back fine, im due a meeting tomorrow to show proof of income and I’D check. But I’m worried when I go on to apply for the BBL it may get rejected due to my credit score.

        • Laura
          10th June 2020 / 5:36 pm

          I have had the same issue. I was not advised that I would need to have a credit check as it was a feeder account I have been given no reason as to why I have been declined other than the credit check. And if I want more information to make contact with Experian.

          I have attempted to call the helpline at HSBC and they have advised no one can help me.

          • Nicki
            15th June 2020 / 4:57 pm

            I have been refused a Santander BBL (I have had a personal account with them for 15 years) and have had no reason given at all. I provided a copy of my 18/19 tax return as requested. I can only guess that it is due to my poor credit score, but I checked the small print before applying and it makes it clear that poor credit does not affect applications. Not true in this case.

        • andy pattinson
          19th June 2020 / 8:24 pm

          I had an email telling me they couldn’t find my bank account even though I verified my account on the application. I re applied and was immediately refused because they stated they had done a full credit check. I am a discharged bankrupt from when I was off work with a rare brain disease called moyamoya. Now I’m suffering again. Its complete bull crap. I am going to complain through every I can find.

    • Raluca
      12th June 2020 / 7:58 pm

      Hi, sorry to ask you, I saw you wrote that you are a sole trader and you are not paying any tax for the loan. Do you know if you are a LTD, you are paying any tax? Thanks

  2. Lena May
    14th May 2020 / 12:35 pm

    Hi, great article and I went through the same process with HSBC for a feeder account, waited for a week and heard nothing. So I called again and eventually got through to a lovely guy called John who informed me that because I had a First Direct personal account that I could go straight onto the HSBC online site and claim my bounce back loan! Something that they had kept rather well hidden.
    So just a heads up for any First Direct customers that they can get straight on with their application.
    As you say it was a very easy and simple form and just had to attach my last self assessment.

    • Faith
      14th May 2020 / 2:04 pm

      Top tip about being able to use a First Direct personal account when applying to HSBC, I’ll add that to the post. Many thanks!

  3. Petra
    14th May 2020 / 12:37 pm

    Hi, Thanks for the great article.
    I’ve just applied for a buisness account and got it via Nat west, I’m an excisting customer. I can get £7000 bounce back loan. Could I invest all of it into Premium bonds?

    • Faith
      14th May 2020 / 2:03 pm

      The terms of the Bounce Back Loans say that you have to use the money “only to provide economic benefit to my/our business, for example, providing working capital, or investing in my/our business. I/We also confirm that the Bounce Back Loan will be used wholly for business purposes and not personal purposes.”

      If as a sole trader you use Premium Bonds as a safe place to store the money ready to use in your business, I don’t see why that would be a problem. No-one is insisting you spend it all on day 1.

    • Ermiya
      19th May 2020 / 2:29 pm

      What is premium bonds can u help me please ?

  4. Jay_ne
    14th May 2020 / 2:34 pm

    Applied and approved for the loan in 2 days, signed all electronic docs 4 days ago and heard nothing since. No indication of when funds will be credited to the HSBC business account I already held. Excellent scheme just lacking in communication at the final step.

      • Sin Phu
        9th June 2020 / 12:05 pm

        i have a business account with HSBC and applied for the bounce back loan 4th May and still waiting, everytime i call (4 times now) they say that they are overwhelmed with applications so there is a delay. The person on the phone has confirmed that they have received my online application and that there’s nothing wrong with my application, theres just a delay in processing it due to the high demand in bounce back loans. I need this loan to purchase screens and PPE to set up my salon so that i can reopen on 4th july but cannot order the screens until i receive the bounce back loan. I’m getting stressed out because I’m afraid I won’t be able to reopen my business in time as the screens have a waiting time of 3wks. Is anyone else having to wait this long??

    • Stuart Hughes
      29th May 2020 / 8:52 am

      Did you have to provide a copy of your accounts when you applied?

      • Faith
        29th May 2020 / 10:12 am

        I didn’t have to supply a copy of my accounts. As a sole trader, I just had to submit a copy of my 18/19 tax return, which includes my self-employment pages.

        • Julie
          22nd September 2020 / 7:52 pm

          I cannot submit my self assessment form 18/19 it tells me size too big. I have scanned the form into computer but very large, this is in pdf. How do I rectify this ? HSBC BBLS.

      • Fred
        9th June 2020 / 12:13 pm

        Hi,would I be able to get the HSBC feeder account if I was made bankrupt 3 years ago,I’m fully discharged.

        • Faith
          11th June 2020 / 12:47 pm

          Hi Fred – HSBC will do a credit check if you apply for a feeder account. The marker for being discharged from bankruptcy will be still be on your credit file, as it takes six years to drop off. Honestly? I don’t know whether you will be able to get the account or not, your call if you want to try.
          Recommend this article about improving your credit record after bankruptcy, to help for the future:

  5. Sarah
    14th May 2020 / 4:23 pm

    Thanks for writing this, it definitely helped clear up a couple of things up for me. One mainly the question of if we were allowed to use it to pay our own wages out of it to boost the little income we have coming in at the moment.

      • Tsitsi
        14th May 2020 / 6:59 pm

        Very informative. I applied and approved, can I top up a Bounce Back Loan. My accountant tells me that my turnover was note than what I put down. The money has already been paid into my account.

        • Faith
          14th May 2020 / 7:13 pm

          Worth checking with the specific bank you borrowed from, but I suspect you will not be able to top up your loan now you have already applied and received the money.

          In the common questions about the Bounce Back Loan from RBS, for example, it says:
          “Can I increase the amount that I’ve requested through a Bounce Back Loan, after I’ve applied?
          No, you’ll only be able to apply for one loan through the Bounce Back scheme, and you won’t be able to adjust this once you’ve been approved. Carefully consider what funds you’ll need before applying.”

  6. Ali
    14th May 2020 / 6:49 pm

    Before completing the very simple RBS BBL application form (I am an existing business customer) I am looking to find out if lump sum repayments can be made during the full 6 year term of the loan? I appreciate that you can repay in full early without penalty but can you overpay lump sums throughout? I cannot find my answers on the RBS website. It makes a huge difference to the amount I initially apply for, I’d rather borrow more than less to be one the safe side as it is a one-off request, but I want to repay as much back as possible before the interest kicks in in 12 months time, yet this will probably not be the full balance at that point.

    • Faith
      15th May 2020 / 10:02 am

      Hi Ali –
      I couldn’t find this in the small print of my own application, so I asked the HSBC press office if it was possible to make partial early repayments, rather than clearing the whole balance, and was told:
      “Customers can make part payments. They will only be charged interest on the outstanding amount of the loan (after the initial 12 month period).”
      Have also put in a query with RBS, as relevant to your own situation, and am waiting to hear back.

  7. Martin
    14th May 2020 / 9:51 pm

    Hi after reading your article, I’ve realised I’ve made a mistake and been to conservative with the amount of money I borrowed. Can I apply for further money to completely re consolidate all my debt ?
    Thanks in advance Martin

    • Faith
      15th May 2020 / 9:57 am

      Hi Martin –
      As above, it’s worth checking with the specific bank you borrowed from, but I suspect you will not be able to top up your loan once you have already applied.

      In the common questions about the Bounce Back Loan from RBS, for example, it says:
      “Can I increase the amount that I’ve requested through a Bounce Back Loan, after I’ve applied?
      No, you’ll only be able to apply for one loan through the Bounce Back scheme, and you won’t be able to adjust this once you’ve been approved. Carefully consider what funds you’ll need before applying.”


  8. Kimberley Willis
    14th May 2020 / 11:48 pm

    Thanks great read cleared a lot up for me in my mind. One thing I am wondering, can the loan be used to ‘re start a new business or can this only be used within my current business?

    • Faith
      15th May 2020 / 10:01 am

      Hi Kimberley – I’m hazy about that one. Suppose potentially you could use the loan for your current business, which could then free up money to restart your new business. The loan terms are pretty flexible so long as the loan is used for business rather than personal purposes. The most important part will be making sure you can afford to pay the loan back. Good luck!

  9. Graham
    15th May 2020 / 10:33 am

    Great read. But Starling the one that is supposed to be quick and simple want your tac tax returns and calculations when applying for a BBL. This is the case with myself having started my business month 29th Of November 2019. I havnt got around to doing this as yet and my 4 and little bit months of active trading does not show true reflection on what my 12 month turnover was to be, whilst I had a reasonably good start, I secured a lot of work before the pandemic which as now all but gone on the back burner, but will not show on any tax return therefore if Statling does get a copy of my SA100 and SA302 will they base there assessment on the 4 months of trading records. Starling by the way are online, so trying to get a sensible conversation with someone is a tad tricky. Good luck to everyone, but so far my experience has been somewhat difficult, considering it was suppose to be an easy process.

    • Faith
      15th May 2020 / 3:54 pm

      Hi Graham,

      Must be gutting that a recent business that was going so well has been hit by the virus.
      Fear you are right: any lender will only be able to consider turnover from the few months since starting, which means borrowing will be restricted to max 25% of that.
      Suspect you will have more chance of applying successfully, even if for a small amount, if you file your 19/20 tax return now, rather than at the end of next January, so you can submit the return as supporting paperwork.

      • 17th May 2020 / 1:10 pm

        For newer businesses like yours turnover is based on pre coronavirus projections when applying with the originally approved lenders and no proof of those projections are required, just self certifications. I am applying with NatWest as they were quicker setting up a new business account but the same applies to Barclays who were a little slower.

        • John
          8th June 2020 / 9:42 pm

          Hi Christopher, I have a projected 150k for the turn over but the transaction on the account so far is only 8k being a new business started less than a year and tax return do by July, do I have to file for tax return to get approved?

  10. 15th May 2020 / 2:13 pm

    Dear Faith

    What a breath of fresh air you are! You speak my language as opposed to bankspeak.

    I applied, and was accepted for the bounceback loan, through my HSBC business account, on 9th May, and am still waiting for the money. I have called twice during the week to speak to HSBC but all I get is that they are very busy/overloaded, and I will have to be patient. I just need to know when I am likely to get the money so I can settle some bills.


  11. Gabi
    15th May 2020 / 2:58 pm

    Hi just wondering how you got on with HSBC? I’ve actually had a business account with them for 7 years and applied for the bounce back loan on the 4th, got a document to sign on the 8th which I duly signed straight away and haven’t heard a thing since so 14 days after applying? Nothing quick and simple about that process!

    • Faith
      11th June 2020 / 12:50 pm

      Hi Gabi –

      Delayed response, but as you’ll see from my updates to the post above, I did finally get a Bounce Back Loan via HSBC. Applied using my First Direct current account details on 14 May and the money reached my account on 5 June. Hope your application has been successful.

  12. Jonathan
    15th May 2020 / 2:59 pm

    Good article. Query, what is the definiton of “group” for Bounce Back Loans? I am an investor in, and controlling shareholder, in five completely separate businesses. 2 doing ok and no funding needed, but 3 need Bounce Back Loans. Can one get a loan for EACH company. There are NOT in a group nor part of any structure but 3 completely separate busnesses doing 3 completely separate things. The only common link is I am the major shareholder in each? Surely I shoudl not have to decide to “save one child” and not the others Any thoughts?

    • Faith
      15th May 2020 / 3:28 pm

      Hi Jonathan,

      It’s a tricky one, because as you’ve found, the definition of ‘group’ isn’t clear. You definitely can’t apply for more than one Bounce Back Loan for the same business, as that would leave you open to legal proceedings.

      Are the businesses limited companies? If so, my understanding is that any application is on behalf of the business as opposed to you as an individual. Each individual limited company could therefore apply for a Bounce Back Loan. However, the lender might ask you to show the businesses are clearly separate and operating in different sectors, which could then make the application process longer.

      If you can get actually get through on the phone, worth asking your bank before making multiple applications.

      Cagey ‘possibly’ view by HB&O accountants here:

    • Chris
      20th June 2020 / 7:01 am

      I have an business account with hsbc for 12 years applied for bbl on 18th may as of today 20th june only had an email saying my application has been recieved nothing since very frustrating

      • Faith
        20th June 2020 / 9:53 am

        Hi Chris – Sorry you’ve had such a frustrating wait with HSBC. Does seem like they’ve been overwhelmed with the volume of applications. Good luck with your business.

  13. B sowden
    15th May 2020 / 6:40 pm

    I got a bounce back loan but didnt apply for enough can I apply again thankyou

    • Faith
      18th May 2020 / 10:06 am

      It might be worth checking with the specific bank you borrowed from, but I don’t think you can apply again once you’ve got a Bounce Back Loan.

      In the common questions about the Bounce Back Loan from RBS, for example, it says:
      “Can I increase the amount that I’ve requested through a Bounce Back Loan, after I’ve applied?
      No, you’ll only be able to apply for one loan through the Bounce Back scheme, and you won’t be able to adjust this once you’ve been approved. Carefully consider what funds you’ll need before applying.”


      • Liz
        6th August 2020 / 7:40 pm

        Karen please help I was an existing client of virgin, they have merged with Clydesdale bank. I am a sole practitioner and I made my application in May after a series of encrypted messages I was told that I had to open a business account and then process my bounce back loan. It’s is now August and I have been getting the run around. I am a solicitor and the bulk of my work comes from will estates etc but due to the covid social distancing I am unable to work and or do the wills via telephone. The banks ought not to make clients open a business account. If I opened the business account and get my loan could I close it and move banks. Is their someone I could report to that is higher than the banks because of these practices. Help Liz

      • Liz
        6th August 2020 / 7:40 pm

        Karen please help I was an existing client of virgin, they have merged with Clydesdale bank. I am a sole practitioner and I made my application in May after a series of encrypted messages I was told that I had to open a business account and then process my bounce back loan. It’s is now August and I have been getting the run around. I am a solicitor and the bulk of my work comes from will estates etc but due to the covid social distancing I am unable to work and or do the wills via telephone. The banks ought not to make clients open a business account. If I opened the business account and get my loan could I close it and move banks. Is their someone I could report to that is higher than the banks because of these practices. Help Liz

  14. Karen
    15th May 2020 / 7:18 pm

    I opened a new starling business account,(had to open a personal acc first) but then you can go in and open a business acc immediately and it was done in seconds. I have received my bank cards for both accounts within 2 days, of which you need the CVV number to apply for the bounce back loan, but if it is all as quick as that for the loan I’m impressed. I did also apply for an HSBC business account and this took over a week, so on speed definitely worth looking at starling, but as you say on pause to June 🙁

    • jason rose
      15th May 2020 / 8:00 pm

      I applied for a bounce back today after setting up a business account with starling .now 3 hours later I get an email saying I had been turned down .my credit is rating is poor but my 2018/19 books are all ok. And I was under the impression that credit checks didn’t effect it .has anyone else had same problem ?

      • Stephen malton
        16th May 2020 / 8:36 pm

        Same here, I was under the impression credit rating didn’t matter but looks like it may do!

      • Harry
        18th May 2020 / 4:26 am

        Had the same and also been rejected by 4 other banks, may have to consider folding

      • Faith
        18th May 2020 / 10:10 am

        Jonathan, Stephen, Harry –

        Sorry to hear you’ve been turned down for Bounce Back Loans. Looks like Starling is rejecting quite a lot of loan applications – one in six based on the 14 May tweet by the CEO, Anne Starling (now added to the post).

      • Mrs S Rowan
        27th May 2020 / 2:42 am

        I am with Starling, have been since they launched. I have both a personal and business account. I applied for a bounce back loan with them week before last. I was asked to provide 18/19 tax return and proof of the projected amount for 19/20.I began trading over 20 years ago Starling have all my details and information already as I have been banking with them for years. I was turned down with a one line message, very abrupt and no reason given. I have since found information online where hundreds, maybe even thousands of existing account holders have been turned down, and like me, are upset and angry with the way in which we were told about the refusal. I am going to apply with a different bank and will close both my accounts with Starling Bank.

        • Faith
          27th May 2020 / 8:15 am

          Hi Mrs Rowan –
          So sorry your Bounce Back Loan application has been rejected by Starling, when you have such an established business and are an existing customer. No consolation that so many other applications have been turned down too. I hope you are successful elsewhere.

        • Sue
          28th May 2020 / 5:27 pm

          I have had the same experience as many mention in this thread Re Starling. I have a personal and business account with them and have done for around 2 years. This account is in my maiden name and my tax overviews are in my married name. So I added a note explaining this and said I could provide my marriage cert. they requested marriage cert which I sent over and then within an hour I was informed the application was declined. This also came via a one line message, no reason given. I asked why and also enquired as to whether my marriage cert had been added to my application as I had only just sent it! (Only way to communicate is via their app which was a nightmare and I had a different person respond each time and in more than one case, a different person reply to the same enquiry that someone had already responded to?)

          I was informed that they couldn’t disclose why I was declined and completely ignored my question re my marriage cert. 2 days later I got a message via the app advising me to send my marriage cert across in response to my original message sent in the beginning explaining I could provide it if needed!? So I am not convinced their processes are at all efficient or accurate. But to add insult to injury they have carried out to soft search credit checks against me, one is the standard ID, anti money laundering etc but the other is an affordability check! 1. Did they need to check ID and money laundering being that I was an existing customer? 2. No affordability check should have been done whatsoever, as this is a self certified loan and a loan for my business, not me personally. I intend to leave them immediately. The test of most companies is in times of hardship and for me, Starling have let me down at the most financially difficult time I have ever had to face.

          I will say however that I am now terrified to apply elsewhere? HSBC I know do a feeder account. I am also a first direct personal account holder. I have an account with RBS too (personal account which u don’t use) so I have other options I know but I’m screwed if I cannot get support from a BBL. I’m a mortgage adviser, my income has fallen off a Cliff! Its picking up but will be months before anything completes and I get paid out! I was employed and switched to self employed January 2019. So my April 2019 self assessment shows very little from self employed Vs what I got that year for PAYE (which is why I do not qualify for the self employed scheme either) I haven’t done my April 2020 accounts and don’t actually have the funds to even pay for that doing by an accountant! No idea where to go next to be honest?
          Where would I stand in lodging a complaint against Starling? They have carried out a check in which they do not inform of!
          Also, I have another property which I rent out, which forms part of my self employed income, but is this seen differently to my sole trader income? So many questions, very few answers!

      • Bank Worker
        16th June 2020 / 4:27 pm

        It sounds like you have failed the checks for the current account and not the BBL which are different checks – they are two different products. BBLS are gov backed, therefore the risk is lower for the bank – opening a current account requires in depth credit checks to understand history and risk appetite for the bank. Very different from a BBL and the risk is very much at the banks side, not government backed.

    • Faith
      18th May 2020 / 10:07 am

      Karen – Glad you had such a positive experience opening accounts with Starling. Hope it works just as well with any Bounce Back Loan application.

  15. Graham
    15th May 2020 / 7:49 pm

    Applied for one with my bank, Starling , as a sole trader yesterday, got rejected today, so even with no liability for the bank, they still turn you down. So much for helping small businesses at a difficult time.

    • Andy
      15th May 2020 / 11:37 pm

      Same here!

      • Lisa Tapp
        19th May 2020 / 2:41 pm

        Same here not happy with starling, have been a personal customer for a long time with a good amount of cash going through my account. But turned my bounce back down

  16. Andy
    15th May 2020 / 11:37 pm

    Great article!

    I have been with Tide Bank for 4 years, but they weren’t on the list of approved lenders, until today.

    So I joined Starling a few weeks ago, but today they declined my bounce back loan. I also applied for an HSBC feeder account well over a week ago but heard nothing since, they were supposed to ring me?

    My business is a partnership, we are wedding and corporate caterers with every booking postponed and cancelled for the next six months. We have been trading for 8 years, always made a profit, I don’t have a poor credit score, a small turnover of £65,000 and only asking for £12,500….. my question is if Tide say no too, then they are all being selective surely, so what do I do and who on earth do I go to to obtain the BBL?

    There must be loads like me that have accounts with small internet only banks and now struggling to get the help needed.

    Any advice would be great!

    • Faith
      18th May 2020 / 10:13 am

      Hi Andy –
      Sorry to hear you’ve been declined for a Bounce Back Loan with Starling. It does seem that Starling a declining a lot of applications, one in six according to the tweet by Anne Boden, Starling CEO, now added to the post.
      I’m in a same situation with HSBC – applied for a feeder account and haven’t heard back yet. Suspect the demand has been overwhelming keeping my fingers crossed I will hear back in future.

  17. Ian
    16th May 2020 / 1:05 am

    Just received my bounceback loan in two days
    £50,000 I have invested heavily this year in my hairdressing business but some of the work I wanted to do in the main salon area would’ve required the shop to be closed for some days so this has worked out really well for me .
    I will not be using the full 50,000 And probably could’ve use my own money.
    So funny for years ago I bought my business partner out we had a business account with a £6000 overdraft facility which was really used.
    I wanted to open a new business account in my name and with the same £6000 facility with the same bank I was made to jump through all sorts of hopes to get the facility it took weeks .
    Just couldn’t believe it today when £50,000 turned up in my bank account within two days of applying i’m definitely going to be disciplined with it I am a strong believer in investing in your business money in the bank in my book

    • Faith
      18th May 2020 / 10:14 am

      Hi Ian – Glad your Bounce Back Loan money has arrived, all best wishes for investing in your business, hope it works out well once the lockdown restrictions are lifted.

    • Miro
      1st July 2020 / 3:49 pm

      Hi Ian would like to ask you what amount of turnover you putted there to get 50k, because 50K is 25 percents of 200000 annual turnover lol. Did they want you to prove that or not? Thanks

      • Faith
        1st July 2020 / 4:11 pm

        Hi Miro – Can’t speak for Ian, but when I applied for a Bounce Back Loan I was asked to submit a copy of my 2018/19 turnover. I used the figure on this return for turnover, and asked for a Bounce Back Loan for just under 25% of that. Appreciate it wasn’t the most up to date figure for my turnover, but though the loan was more likely to go through.

        • Miro
          21st July 2020 / 11:35 pm

          Thanks for a reply well my turnover was 41k but had expenses but turnover means whole amount including expenses am I right? Don’t know how to make it to get at least 20k as others get 50k which means nonsense to me lol

  18. Gary
    16th May 2020 / 8:00 am

    Applied to HSBC for a bounce back loan on 7th May, had the confirmation email on 11th, signed the online doc’s and dd mandate and sent straight back.
    Today is 16th and we are still waiting.
    We have chased up HSBC and they are so vague as to when it will be processed.
    We are an existing HSBC business customer also.
    The wait continues…

    • Steve
      16th May 2020 / 10:15 am

      HSBC are dragging their heels on this. I applied online last Monday, got the approval and offer docs on Wednesday. Then nothing…

      I spent a long time on hold yesterday and gave up on the phone – their systems recommended using online chat, but although the adviser said they would “escalate” the process, they couldn’t say anything other than that they would send the funds “as soon as they can.”

      It’s busy, I’m sure, but other banks are paying out much quicker than HSBC. How difficult can it be? I mean, lending money is what banks DO, isn’t it?

    • Faith
      18th May 2020 / 10:16 am

      Hi Gary and Steve,
      Sorry to hear about the delays with HSBC even after submitting your application documents. Does seem they have been overwhelmed by demand so fingers crossed your loan money does come through. I have asked HSBC for a statement about the delays, will add it to the blog post if and when I hear back.

  19. Barry Rowlands
    16th May 2020 / 3:11 pm

    Hi, I am planning to exit my business in a year or so, however the bounce back loan will be extremely useful for us at the moment. Will I have any liability at all if I sell my business or reallocate my shares to family members and then the business starts to fail? I’d imagine that the process is treated the same as any other business liability and at the time of sale and the new partners/owners become responsible for the loan? Not that I think it will fail, just looking to dot the I’s and cross the T’s! I’d like to enjoy my retirement and not worry that this may come back to bite me!

    • Faith
      20th May 2020 / 1:30 pm

      Hi Barry –

      Bounce back loans are business loans, not personal loans. I would agree with you that if you sell a limited company or otherwise pass on the shares, the responsibility for repayments passes to the new owners.

      The British Business Bank is not very specific about what happens if there are repayment issues, just says:

      “What happens if I find I’m struggling to repay the loan?
      You should talk to the lender if you are experiencing financial difficulties and they will have standard processes in place to support customers in those circumstances.
      Lenders are not permitted to require personal guarantees for the Bounce Back Loan Scheme.
      For sole traders or small partnerships, who often risk their personal assets when borrowing, the terms of the Bounce Back Loan Scheme means no recovery action can be taken over a principal private residence or a primary personal vehicle.”


  20. C Haynes
    16th May 2020 / 3:31 pm

    Hi, I believe I couldn’t use the loan to purchase fixed assets, other than to replace existing assets with equivalent assets. Would replacing a van be acceptable?
    Could I make extra lump sum payments on the loan?

    • Faith
      18th May 2020 / 10:29 am

      Hi – the Bounce Back Loans need to be used for the economic benefit of your business, so that would seem to cover replacing a work van (as opposed to say buying a car for personal reasons).
      For extra lump sum payments, worth checking with your specific lender, but HSBC has confirmed that yes, borrowers can make partial early repayments, and I’m waiting for similar confirmation from RBS.

  21. 16th May 2020 / 6:09 pm

    Hi Faith,
    Good article, very useful information.
    I already bank with HSBC, so applied to them the week it was announced.
    Approved last Sunday 10th of May, and here we are, Saturday 16 May, and still no sign of the funds.
    Reading various articles in the press, Barclays seem to be getting a slating for delays in putting the funds into approved accounts, but HSBC seem to want to compete on slackness and inefficiency.
    Typical of bank staff, never run a company themselves, don’t understand finance, and couldn’t care less about customers.

    • Faith
      18th May 2020 / 10:33 am

      Hi Terry –
      Sorry to hear your funds haven’t arrived yet. Seems as if the banks have been overwhelmed by demand. The Bounce Back Loans were launched within such a short time frame I’m not surprised there are problems, but do appreciate the frustration when waiting for the money!

  22. Katen
    16th May 2020 / 6:25 pm

    I applied for a feeder account with HSBC so I could then apply for a bounce back loan on the 7th May…………………… still waiting!!!

    • Faith
      18th May 2020 / 10:33 am

      You and me both! Will update the post when I hear back, hope you do soon.

      • steve
        23rd May 2020 / 5:44 am

        23rd may and I am also in the same boat as you. Applied for the feeder account from HSBC on the 6th May, several phone calls later I am still waiting to be contacted. Shocking service from a National bank.

  23. jade marie hickson
    16th May 2020 / 8:08 pm

    Hi, I applied for the loan and got the money in my bank yesterday, I didn’t know what my entitlement was until now. If I pay the loan off or cancel the loan in 14 days can I reapply for the loan again for a higher amount? Thanks.

    • Faith
      18th May 2020 / 10:38 am

      Hi Jade Marie,

      Sorry to hear you need more than your original application. Worth checking with your lender, but I suspect you can’t just pay your loan back or cancel it before applying again.

      In the common questions about the Bounce Back Loan from RBS, for example, it says:
      “Can I increase the amount that I’ve requested through a Bounce Back Loan, after I’ve applied?
      No, you’ll only be able to apply for one loan through the Bounce Back scheme, and you won’t be able to adjust this once you’ve been approved. Carefully consider what funds you’ll need before applying.”


      The rules are pretty tight trying to stop people applying for more than one loan for the same business, and suspect this would apply even if you’re repaid the first one.

  24. Mr D Smyth
    17th May 2020 / 12:29 pm

    I have very complicated situation and i was wondering if you can give me advise
    in 2019 a bank put marker against my name over a fraud i had reported to them which back fired on me.
    Since then i had been pushed out of high street banks and i am using a useless online business account which does not participate in taking part of the bounce back loan scheme.

    I run two successful businesses (as limited company) which both were severely impacted upon by the corona-virus lock-down. I am ever so desperate for the bounce back loan however i know any bank i apply for will reject me due to the marker. Right now i have no idea what to do to overcome this obstetrical. I have applied for HSBC footer bank account and i am wondering if HSBC may also decide to reject me for this account.
    Do you know if HSBC carried out credit checks on Footer accounts ? Otherwise do you know what route do i know to follow please?

    • Faith
      20th May 2020 / 1:42 pm

      Hi Mr Smyth,

      First place to try is the bank where you already have your business account. More banks now offer Bounce Back Loans than when first launched, including Tide.

      You can check the current list here:

      If you have to open a new account, I would normally expect the bank to run a credit check, as part of the ‘Know Your Customer’ and ID verification checks.

      I asked HSBC if they carry out credit checks before opening feeder accounts and was told yes, but:
      “However adverse credit does not stop someone from applying for a bounce back loan since it is guaranteed by the Government and therefore we have authority to override decisions were in normal circumstances an application would be rejected based on credit history.”

      Good luck with your application!

  25. Nicky
    17th May 2020 / 1:25 pm

    I have applied for a BB loan but realise I have given a figure of turnover which is about £400o less than it actually is.Can I go back an amend this?

    • Faith
      18th May 2020 / 10:40 am

      Hi Nicky,

      Worth checking with your specific lender, but as above, fear you can’t change the amount you wish to borrow.

      In the common questions about the Bounce Back Loan from RBS, for example, it says:
      “Can I increase the amount that I’ve requested through a Bounce Back Loan, after I’ve applied?
      No, you’ll only be able to apply for one loan through the Bounce Back scheme, and you won’t be able to adjust this once you’ve been approved. Carefully consider what funds you’ll need before applying.”


  26. Omiv
    17th May 2020 / 8:51 pm

    Very good write up!
    I’m not going for a loan, but my concern is that the economy will be worse off as I can see people abusing the system.

    For example, what stops a director apply for the loan, take out drawings each month for wages, then close the company? Without personal guarantees, people will use this loophole and put the economy under more strain.

    • Faith
      20th May 2020 / 1:45 pm

      Hi Omiv,

      Share your concern that in making these loans easier and quicker to apply for, there is an increased risk of people failing to repay.
      Will have to wait and see how much the Government ends up guaranteeing, for businesses that don’t keep up their repayments.

  27. Graham
    17th May 2020 / 11:11 pm

    Follow up to my rejection by Starling bank for a Bounce Back Loan. They have now rejected over 2000 applications. My problem is not the rejection, it is the refusal to give a reason for the rejection which bothers me so I have contacted Anne Boden the CEO by email for a response. I do not believe it is too much to ask, especially as we need to know this information in order to know how to proceed from here.
    Your views would be useful

    • Matthew
      17th May 2020 / 11:40 pm

      Starling have a very bizarre risk threshold for even accepting entrepreneurs… if you have set up and few businesses and closed a few they reject you… my reading of BBL is they the banks don’t need to verify and should be accepting all based on Self Cert by the business… i am not shocked at all that Starling are declining so many, similar to Funding Circle and CBILS absolute shit show so far…

      If you have been rejected for BBL you need to really go to town on appeal, and get an answer… if you are a LTD company you should be accepted straight off the bat, as it has nothing to do with the Directors personal credit etc.

  28. Zoe
    18th May 2020 / 1:13 am

    Thank you so much for a great article.

    I have a business account with Barclays and the application process was very straightforward via online banking. It was approved immediately and money was paid in 48 hours. They kept texting to keep me updated till the funds where paid out. Was rather impressed!

    I also have a Sole Trader business and opened an account with Starling for the purpose of the BBLS and my application was declined for no reason. Starling Bank is ridiculous and a sham!!

    • Faith
      18th May 2020 / 11:14 am

      Hi Zoe –

      Brilliant that you’ve had such a good experience with Barclays.

      I suspect the issue with Starling for your sole trader business may be the rules aimed at preventing individuals taking out more than one Bounce Back Loan. Starling does say that to be eligible, you must: “Not have applied or been accepted for a Bounce Back Loan from another provider. You could be subject to legal proceedings if found to have more than one Bounce Back Loan for your business”


      Appreciate this must be frustrating if you have two completely separate businesses in different areas.

  29. 18th May 2020 / 7:42 am

    Hi, great threads and info on here,
    Here’s my dilemma, I applied on the first day but had no business or current accounts with any of them, quite disappointing but, I applied for a Santander current account which all went through and I applied for a BBL. Got a couple of emails after send my Tax stuff etc. THEN, other banks cam about so I applied to Starling where my business account, they couldn’t help. Really confused. Is it because id applied with Santander? I’m still waiting. If you apply with other banks will it get confused as they will turn down due to applying to more than one. I’m starting to get desperate.
    Thanks in advance

    • Faith
      18th May 2020 / 10:59 am

      Hi Dave –

      The rules for Bounce Back Loans say you can only for one loan for one business. Worth following up with Santander about your application, but should avoid applying elsewhere.

      Eligibility criteria with Santander include:

      “You haven’t already applied for or received a BBL
      You have only one Bounce Back Loan per business under common ownership or control (group)”


      I’ve also seen references that people could be subject to legal proceedings if found to have more than one Bounce Back Loan for their business, for example in the Starling conditions:

  30. Ronnie Armstrong
    18th May 2020 / 2:16 pm

    I applied to HSBC on 4th May (midday) – I have heard ZERO – even my own HSBC Relationship Manager is unable to help, although she has emailed and called me to see how the application is going.
    I have called the HSBC Covid 19 helpline and even they cannot help, they can tell me nothing other than simply wait.
    No acknowledgment, no update – ZERO.

    • ANON
      18th May 2020 / 6:27 pm

      I also need desparate help and advise – I run a hair dressing business and have been unable to access any finantial help. The business grant is still under investigation and has not been released – not a yes and not a no – I have a CIFAs marker on my name for fraud where I was duped into using my account for a transaction 5 yrs ago – it was not investigated and I was not convicted. Consequently I am unable to open a business account to access the Bounce Back Loan – I am also aware that this may also be reected – I suspect that is the cause of the hold up with the grant – if refused I will appeal as I have no income and have not had since March – I have heard about the feeder account and see the form – how do you sign and submit? I hear there are long delays hearing back. Is it right you cannot apply with multiple lenders until you have been rejected from one?
      I did consider opening a business account with TIDE (to access the loan) but again don’t know if we will be accepted.
      Unable to claim Universal Credit as already getting working taxcredits – some have been left worse off – desparate – any help or advice would be appreciated. I have worked hard to build up my business.

    • Princess
      20th May 2020 / 4:10 pm

      Same situation for me too. Applied on the 5th heard nothing I have now reapplied on the 16th absolutely nothing it was Escalated 3 times last week and was promised a phone call back and heard nothing it’s frustrating and brining me too tears i can’t supply my services to Manchester airport due to Covid. Hsbc need to really get on top of this I have seen so many post of people reapplying as am typing am holding on the phone for over 30 mins

    • Grant
      4th June 2020 / 12:27 pm

      Did it get sorted in the end?

  31. Mark
    18th May 2020 / 7:12 pm

    Hi a very interesting read, i applied for a bounce back loan last Thursday with NatWest
    (now Monday) I had a few adobe sign loan agreements to sign headlined from the bank and and then a text from the bank saying thanks for applying etc i have progressed to the next stage and that i should now fill in more info on a email i should receive…….i never got that email or any other correspondence so don’t know wether i’m going to receive the payment in bank or I’ve not actually got the loan coming????

    • Faith
      19th May 2020 / 8:50 am

      Hi Mark –
      Must be frustrating waiting for the email. Grasping at straws here, but have you checked your email spam folder, in case a NatWest email went astray? Otherwise worth contacting NatWest in a day or so. Good luck!

  32. Sarah prosser
    19th May 2020 / 8:40 am

    I hold a business account with Natwest and have been trying to access the bounce back loan for 10 days. Everytime I apply it states that I’m in an undischarged bankruptcy, I was discharged from bankruptcy in August 2019. I have sent natwest my discharge letter and credit report but I still get the same answer. I have literally spent 2 hours on the phone a day with poor customer service. My friend applied with barclays with the same circumstances and they have paid put her loan but natwest are still telling me no. Due to the poor credit history I’m struggling getting a business account with another bank. The business is doing well, always made profit with sales at 62k for 2019.

    • Faith
      19th May 2020 / 8:52 am

      Hi Sarah,

      Must be enormously frustrating given you have been discharged from bankruptcy. All I can suggest is continuing to pursue the issue with NatWest, keep a diary of any contact and put the problems in writing so you have copies and can show when sent. Good luck with your business.

  33. 19th May 2020 / 8:54 am

    I was a sole trader banking with Nationwide, but set up and transferred the business to a limited company in order to open an account with Starling (to get around them not opening new sole trader accounts). The limited company was set up after the 1st March deadline, so I am worried that although the ‘business’ was trading before the deadline, my application for a BBL will be declined because of the change in entity after the cut-off. What are your views?

    • Faith
      19th May 2020 / 10:11 am

      Hi Fraser –
      Reckon it’s definitely worth applying. You will need to show that your business did indeed exist as a sole trader before 1 March (for example, by submitting a copy of your 18 / 19 tax return when requested) and that your new limited company is basically the same business as when you were a sole trader.
      Also, hope you have checked out the implications of becoming a limited company more generally, for example the requirements about filing accounts, paying corporation tax and so on? Good luck!

      • 19th May 2020 / 12:47 pm

        Thanks for the advice Faith – I have asked Tide whether I should apply in my existing sole trader account or the new Ltd account. Will let you know what they say.

        • Faith
          19th May 2020 / 1:39 pm

          Got to be worth asking. Tide have now started offering Bounce Back Loans (didn’t right at the start) and you’ve obviously been a business account customer with them for longer than with Starling.

        • cian
          21st July 2020 / 1:33 pm

          Hi Fraser,

          My situation is similar to yours. Were you able to apply for one after transferring through as a limited company or was it fixed to your sole trader business?

  34. Simon
    19th May 2020 / 9:01 am

    I applied for the loan from Starling and I’ve been refused! The amount I applied for was less than the 25% turnover figure. What can I do now? Can I apply for a smaller sum? Or can I approach another bank? I’m a sole trader and I’ve been trading since 2006. I feel a little lost.

    • Faith
      19th May 2020 / 10:20 am

      Hi Simon –
      Sorry that you’ve been turned down for a Bounce Back Loan from Starling. Not sure applying for a smaller amount from Starling would make a difference, but worth applying elsewhere if you are confident you can repay the loan.

      The British Business Bank does explicitly say:
      ” If one lender turns you down, you can still approach other lenders within the scheme”

      If you have a business bank account with another bank offering Bounce Back Loans, worth trying there.

      If, as a sole trader, you used a personal current account, check out my post about which banks might let you apply. Will depend on whether you’re willing to open a business account now, or just a feeder account. But either way, brace yourself for a longer process due to the ‘know your customer’ and money laundering checks involved when opening accounts. Good luck!

      • Simon
        19th May 2020 / 3:55 pm

        Hi Faith

        Thank you for your reply. I also have a business bank account with Santander – but their eligibility criteria states that you must not have applied with another bank for the BBL. So I’m not sure where I stand with it. I have no problem paying back the loan and only want to borrow a relatively small amount (£6K), which is below the 25% turnover threshold. I thought, with it being a government-backed loan, there would be no barriers to lending?

        Thanks again for your reply.

        Best wishes


        • Faith
          19th May 2020 / 4:30 pm

          Hi Simon –

          I can see that the Santander eligibility criteria say: “You haven’t already applied for or received a BBL”
          Link: ‘

          I suspect this is more to do with making sure people don’t get more than one Bounce Back Loan for the same business. As your application with Starling was refused, there’s no danger of ending up with two if you now apply to Santander.

          Reckon it’s worth a try, but hang on to any emails or paperwork showing your Starling application was refused, in case you need to show them to Santander.

  35. Jonathan
    19th May 2020 / 12:06 pm

    On a couple of points: (i) I am not sure why such a high proportion of Applications for BBL are being rejected. Surely most busineses negatively affected by Covid 19 are eligible? And one just needs to “self certify” and the government guarantees the loans – so what is the risk to the banks? Or am I missing something? And (ii) on the issue of more than one BBL, surely it is the business that is borrowing, not the individual. I agree one cannot have multiple loans for the same company, but if one is a shareholder in a few compnaies, why cannot all of those companies (if they qualify) get BBL? This whole process should be simple, but banks and funders are making it overly complicated- as usual!

  36. Chris
    19th May 2020 / 12:43 pm

    Hi, thank you for this article. We have applied and received a bounce back loan with Santander for our parent company.

    We have also applied to starling bank for the bounce back loan for a separate company which the parent company own the shares in.

    Will they reject this as we have applied for 2 bounce back loans within the same group of companies because the parent company own the shares?

    • Faith
      19th May 2020 / 2:02 pm

      Hi Chris,
      I’m hazy on this, but it doesn’t look good if your parent company owns all the shares in your other company.
      Rules say a business “and any wider group of which is it part”can’t have more than one Bounce Back Loan.
      See the ‘Am I eligible?’ section on the British Business Bank website:
      Further down in the same FAQ, you can read definitions of ‘sole’ and ‘linked’ enterprises, discussing the % of voting rights and capital held.

      • Jonathan
        20th May 2020 / 8:18 am

        Having looked into this, if you (or a group) own shares in more than one company, and each appies for a BBL, then each company is entitled to a BBL IF each of the businesses are not operating in the “same or adjacent sectors”. This is the definition by Santander and I imagine all banks must/should have a standard approach?

        • Tracie
          23rd May 2020 / 1:08 pm

          I have been turned down by Santander as I only have a personal account – which I’ve held for over 30yrs.
          No explanation didn’t ask me for any details just blank refused. I run my business through Counting Up online bank but they don’t run the BBL
          I’ve applied for and accepted for a Tide account as a limited company.
          My question is how will Tide expect me to prove my turnover? I have been in business for just 1 year and not submitted my first accounts yet

  37. David Pozniak
    19th May 2020 / 12:46 pm


    I called HSBC to open a feeder bank account to apply for BBL for my new business that i opened in Feb. they said it might take 5 working days before they contact me that they are ready to go ahead further with the opening of my account so i can make an application online, but 8 days have passed and nothing from them. I called them to find out what’s happening, and they said that they cannot access any information about my details and that there is no direct line for the dep that deals with feeder accounts, and asked me to be more patient. What should i do? I currently have business account opened with Tide and they don’t do BBL at present.

    • Faith
      19th May 2020 / 1:46 pm

      Hi David – the good news is that Tide do now offer Bounce Back Loans, although they didn’t right at the start:
      Worth talking to Tide, especially as your business is so new you won’t have it on your 18/19 tax return or even have full year 2019 accounts.
      Criteria do state that people cannot apply for more than once Bounce Back Loan for the same business, but sounds like you have only got as far as asking HSBC for a feeder account, and haven’t done the HSBC loan application yet.
      Good luck!

      • Jonathan
        20th May 2020 / 8:15 am

        I woud be very sceptical of Tide Having waited ages for them to be approved, there is now no online application process. If you have an account, you get on their “waiting” list and then they contact you IF you qualify. With the caveat that they only have a limited amount of funding and it is likely to run out! In my opinion oa real “dogs dinner” when they should be at the forefront of distributing money to SME customes.

  38. Martin
    19th May 2020 / 3:47 pm

    Hi, great article.

    Have a question maybe you know the answer.
    I have Revolut Business account, and applied for HSBC feeder account on 17th May. Do they need self-assessment from me? As I don’t have one yet.
    My limited company has 14 months.

    Thanks a lot!

    • Faith
      19th May 2020 / 4:57 pm

      Hi Martin –

      I reckon you should be OK even if you don’t have a self-assessment tax return for 18/19.

      The eligibility criteria for Bounce Back Loans say that your business should have been in operation on 1 March 2020, and your limited company has been trading longer than that.

      The HSBC FAQs about Customer Eligibility also talk about looking at turnover for the calendar year 2019 (1 January – 31 December), or estimated turnover for businesses established after 1 January 2019.

      Just brace yourself for a longer wait if you can’t provide an 18/19 tax return and are asked for other paperwork instead.

      Good luck!

      • Jonathan Treacher
        27th May 2020 / 9:28 am

        Surely no requirment to provice a tax return. YOu have a Limited Comapny and the whole point about BBL is you SELF CERTIFY so the bank/lender has no responsibility for checking anything. That is the whole point of the BBL.

  39. Phil
    20th May 2020 / 9:32 am

    Do you have a link to the HSBC terms that say FD account holders can apply through the HSBC portal? The lady on the phone said I couldn’t but it would save time opening a feeder account.

    • Faith
      20th May 2020 / 1:17 pm

      Hi Phil –

      It’s on this page:

      Scroll down to under the section “You can apply for a loan if your business” and click on ‘Next Steps’, where it says:

      “To apply for a Bounce Back Loan click here

      Please ensure you have read the information on this page, which covers key product information and frequently asked questions.

      You can apply quickly through our online portal if:
      You either:
      – Already have a Business, Charity or Community Account with HSBC UK, or
      – You are operating as a Sole Trader and you have an existing HSBC UK or First Direct current account and your business started on or before 5th April 2019”

      There’s some small print about making sure for example that your email address and phone number on the Bounce Back Loan application match those on your bank account, and updating them if not.

      Good luck!

      • Tonny
        1st July 2020 / 9:22 pm

        My business open 3 year ago im got tax retun 18/19 but im got cash plus bank business account , now hsbc open my accoutn new , can i apply bounce back loan whith new account hsbc

  40. 20th May 2020 / 8:27 pm

    Hello, really enjoyed reading this article and following thread. I’m a sole director of a small business currently banking with natwest. They refused my bounce back application, the reason they gave is a undischarged bankruptcy order against me!! That really isn’t true, natwest did say they had technical issues and to apply again. I then submitted a second application only to be refused again because of information they have on me!, whatever that means??. My case has been escalated but I still have no further feed back from them,the saga continues.

    What I would like to now is how my companies credit score is viewed regarding the bounce back loan. My 18-19 accounts showed a drop on my balance sheet, would that show as a risk to any lender? Any information would be much appreciated.

    • Faith
      21st May 2020 / 12:58 pm

      Hi Stephen – Would you be happy for me to forward your query to the NatWest press office for response?
      My understanding is that partly because Bounce Back Loans are backed by the government, banks do not have to pursue the same checks that slowed down provision of Coronavirus Business Interruption Loan Scheme, but can rely on business owners to self-certify that for example their business is not in trouble and can afford to repay the borrowing.

      • 27th May 2020 / 9:00 pm

        Hi faith,

        sorry for delayed reply!yes that would be great thank you!

        Regards Steve

  41. Lian Munday
    21st May 2020 / 10:08 am

    I applied for a bounce back loan through Starling Bank, I already have a business account with them. The application and documentation was signed within 3 days and the money was in my account on the 4th day. Having moved from RBS to Starling in February this year, the free banking combined with the speed and efficiency is brilliant. I also love the fact that I can pay in cheques via the app by taking a photo of the actual cheque. So far, best bankninhave ever worked with.

    • Faith
      21st May 2020 / 10:46 am

      Hi Lian –
      Brilliant that you’ve had such a good experience with Starling. Many Starling customers have had their Bounce Back Loans paid out super fast, which potentially makes if even more frustrating for those whose applications have been rejected.

  42. Chris Attwood
    21st May 2020 / 11:07 am

    My wife and I became self employed taxi drivers less then a year ago, we opened a joint account with HSBC to use for our income.
    We applied for the bounce back loan over 2 weeks ago and have still not heard anything. We don’t get any help except for universal credits now and that is about £1000 per month for a family of 4.
    There is no work out there and we are going under very quickly.
    Hopefully HSBC will keep us afloat before we end up in irreversible trouble.

    • Faith
      21st May 2020 / 12:54 pm

      Hi Chris,

      So sorry you and your wife are in such a difficult situation. I do hope you hear back from HSBC soon. Is your HSBC account a business account or an ordinary personal current account?

    • Faith
      21st May 2020 / 12:54 pm

      Hi Chris,

      So sorry you and your wife are in such a difficult situation. I do hope you hear back from HSBC soon. Is your HSBC account a business account or an ordinary personal current account?

  43. Pete Eastwood
    21st May 2020 / 11:26 am

    Re: Starling Bank BB Loans,

    They have decided to implement a requirement that any new businesses that started Before March 2020 must have their 19/20 tax return filed and tax calculation received from HMRC, despite acknowledging that it probably isn’t due until 2021.

    This means that small businesses needing a bounce back loan to help cash flow have to submit a tax return now (usually requiring help of a paid advisor) and wait for this to happen, the wait on HMRC, even before Starling are willing to say whether the loan will be approved. So, typically spending £250+ during a cash flow crisis, when legally it’s not due yet, eventually to find if you will even qualify.

    This requirement it is stated to be simply to help validate you are a business, and is nothing to do with the approval process otherwise. I am unaware the other banks are asking for this additional requirement. HSBC haven’t asked for any such evidence. As a result I had had ago apply through HSBC and wait while they deal with the huge demand, rather than via my bank Starling – with their faster process, who can see my business account, turnover and that I am trading as a business and paying business bills etc.

    • Faith
      21st May 2020 / 12:36 pm

      Hi Peter – I’m surprised by that requirement too. Have emailed you. Would be great to get some further details. Many thanks, Faith

      • Jonathan Treacher
        27th May 2020 / 8:16 am

        Peter – This is NOT a requirment from the BBB and banks and other institutions are just distributing money from the BBB. And it is all guaranteed. So banks cannot start imposing tighter restrictions. You are to SELF CERTIFY the turnover if sgtarted in 2019 and if before that you provide the gturnover which you also SELF CERTIFY. The whole point of the BBL is that the banks do NOT have to do any checks (beyond AML and KYC) and hence it should be fast. That is the whole point

  44. Farhat
    21st May 2020 / 2:19 pm

    Hi I’m just after some help plz. My husband is self employed taxi driver and has not been working for last few months due to covid 19 lockdown, secondly even if he did go back to work there not much work and why he did make would just about cover rent, is he as registered self employed worker entitled to claiming bounce back loan he has a personal account with HSBC and if he is eligible how would he go about it. Also I would like to ask could he use this money for daily outgoings as he would normally use his earnings to do this.

  45. Jon
    21st May 2020 / 2:49 pm


    HSBC are poor at letting customers know what is going on. I am reading articles like this because I was starting to feel like I was the only one!
    I applied for the BBLS and on May 13th I received an email with a loan agreement to sign which I did and sent back. Also bear in mind I had previously applied for CBILS which was approved but I cancelled it to go for BBLS instead. May 15th no funds. I called them and was told someone would call by Monday 18th. No call. Wednesday 20th, called again. Was told someone would call but did not know when. Still no funds. I had also made a complaint, they apologised and sent me £100. Just complained again but doubt I will receive another £100! I just said that I need to know all is good and payment is pending. STRESS!

  46. mohamed sadik
    21st May 2020 / 4:06 pm

    Hello, great information and thank you.
    I trade since 2017 fashion retail shop as limited company.
    I bank with cop-op (personal ) cashplus for Buisness.
    I wanted to apply BBL and put a new application for business account on Natwat (4th May) and it was said in progress till yesterday and today I got an email saying they have too many applications and mine will not be processed ? And it cancelled . They said they hoping to Accept new new applications in the future . I thought I was a new applicant ! Not sure ..What I should do now ..

  47. 21st May 2020 / 6:07 pm

    Interesting to hear comments about HSBC. We applied Thursday 7th (two weeks ago today) with all the right qualification requirements and still nothing. No confirmation of progress, just nothing. The frustration is we had choices including Santander and AIB… fast cash reliefs this is not (at least for us!).

  48. 22nd May 2020 / 8:10 am

    I applied for a bounce back loan through natwest
    I signed the agreement and waiting a week
    Then they sent my me details that nil will be going into my account. I can only think that my business nene
    Could be the problem
    I use a different name under a LTD company
    Though Tide business but kept my account with NatWest
    with a difffent business name

  49. 22nd May 2020 / 8:21 am

    I applied for an HSBC bounceback on 7th May, received a notification on 11th May to expect docs, but nothing since. Guy on the phone knew about as much as I did, but said that if I missed the docs (I didn’t) then they couldn’t be re-issued and a new application would have to be made. I don’t mind waiting, but what I don’t want to do is wait then find that my application has been lost somewhere.

  50. 22nd May 2020 / 10:29 am

    Hi All,

    Just to share my experience with application for BBL with HSBC.

    Applied on May 19th late afternoon,
    Received DD and docs. to sing the next day.
    Money (£50K) arrived on our business current on May 21st late afternoon.

    2 days turnaround !

    I shall add that we bank with HSBC UK for 17yrs turning circa £800-1000k and have very healthy balance sheet.

    I must say this is the best of HSBC I have experienced ever!

    • RickG
      26th May 2020 / 7:55 am

      Well I’ve banked with HSBC for over 50 years, so maybe that’s why I’ve been waiting so long. I’m obviously a loyal existing customer and the algorithm says that I’m unlikely to move however they treat me. I a thinking of making a second application into the HSBC system in case my first one has been lost.

      • Faith
        26th May 2020 / 12:12 pm

        Hi Rick,
        Sorry about the delay in hearing back from HSBC, must be very frustrating. However, I would be very wary about submitting a second application for a Bounce Back Loan, as there are strict rules about not getting 2 loans for the same business.

    • Faith
      26th May 2020 / 2:52 pm

      Hi Martin – Delighted you’ve had such a positive experience when applying for a Bounce Back Loan with HSBC. Brilliant that the money arrived so quickly, and good luck with your business.
      As someone who’s applied for a new feeder account, can only hope it does work out in the end for new customers!

  51. Susan
    22nd May 2020 / 10:45 am

    Good article and it made me feel a lot better as many sole traders may feel so alone in all this. HSBC didn’t recognise my FD application when the BBL first launched, so I gave up until a fellow FD customer told me she had successfully applied 2 weeks ago and still waiting for a response. My application was submitted on the 15th. No news yet. Is there a pecking order I wonder? Are FD customers lower priority than business account holders and are small amounts such as under £5k being treated with lower priority than the £50k’s?

  52. Leo
    22nd May 2020 / 1:33 pm

    Will nationwide do bounce back loans ?

    • Faith
      26th May 2020 / 2:35 pm

      Hi Leo –
      I don’t think Nationwide offer a business bank account, so I therefore don’t expect them to start offering Bounce Back Loans either.

  53. Matas
    22nd May 2020 / 4:05 pm

    Applied for a bounce back loan with HSBC with two companies. Got an offer letter, signed one on the 10th May another on the 15th May. And money still hasn’t cleared our accounts. Sent 10 complains and in return generic answer wither we will get back with answers or sit and wait. Called business line three times three days in a row. They said they have escalated and should get answers in two days and again. No moneys in bank account or any answers. HSBC put both companies in jeopardy as we have taken work to continue operations. Now due to the lack of capital late with work and receiving liquidated damages. Total disaster from help into a most difficult situation you can get yourself in. Thinking of passing these charges to HSBC as they have agreed to loan and no Moneys in account after signing a legally binding document, where as a company once it is signed, there is now way back. What about the bank?

    • fiona lazareff
      9th May 2021 / 11:47 am

      I signed the loan agreement with HSBC. Five days later I got an email from them saying that they had withdrawn their offer. What happened to you? Is this legal?

  54. Tracie
    23rd May 2020 / 1:29 pm

    This article is brilliant. Thank you.
    I have been turned down by Santander as I only have a personal account – which I’ve held for over 30yrs.
    No explanation didn’t ask me for any details just blank refusal.
    I run my business through Counting Up online bank but they don’t run the BBL
    I’ve applied for and accepted for a Tide account as a limited company.
    My question is how will Tide expect me to prove my turnover? I have been in business for just 1 year and not submitted my first accounts yet

  55. Emeka Eze
    23rd May 2020 / 10:12 pm

    I am a director of a company and have sole trader business. Can I make two Bounce Back Loan applications one for the company and one for my sole trader business?

  56. Paul Thompson
    25th May 2020 / 6:39 pm

    I have a small business which has been hit very badly due to the virus. I have always used my personal account for all transactions. My bank will not entertain me applying for the BB until I open a business account which I do not mind doing as I have been thinking about this for some time.
    I receive a message from the bank stating that they would now work from my own account if I agree to open a business with thrm(I have already sent in the application) . Before they move on with the BB they want two years of my personal certified tax accounts. Now I was under the impression that I could self certify for the BB of am I mistaken?

    • Faith
      26th May 2020 / 12:11 pm

      Hi Paul – Sorry your business has been so badly hit by the virus. Could be a couple of reasons your bank is asking to see copies of your tax accounts. It might be part of the application process for a business bank account, or it might be part of the application for a Bounce Back Loan. Certainly, one of the conditions for getting a Bounce Back Loan is that it should not be for more than 25% of your company’s turnover, which is why copies of tax account would be helpful. As a sole trader, I was asked to submit a copy of my 2018/19 tax return, but those with limited companies should have certified account. The self-certification side is more about confirming your business is not in trouble and will be able to repay the bounce back loans, without undergoing normal bank checks about affordability.

  57. Jonthan Treacher
    26th May 2020 / 2:20 pm

    The whole BBL process seems to be rapidly turning into a mess. Tide seems to be “contacting people” in batches. No idea why? But customers are livid and with no certainty. HSBC not communicating. Others slow or non-communicative. I have heard a few positive stories – but many more negative ones. Surly it is not complicated. You log on, you self certify a few questions and then they send you the money. If you are an existing customer the institution has already done needed KYC and AML checks. If you need to pen a new account, maybe takes a bit longer as KYC and AML checks needed. But that takes hours/a few days. Whole point of BBL was (i) speed and (ii) certainly if the buisness qualifies. What has gone wrong?

  58. Joe
    26th May 2020 / 3:10 pm

    Thanks for this information. I applied and approved through Barclays, but I have made a mistake in the application for Bounce Back Loan. After been approved my accountant tells me that my turnover in 2018/19 was lower than what I put down. The money has already been paid into my account. Not sure if I should call the bank and give them the correct figure so they can take the percentage out of the money credited. Your advice, please.

    • Faith
      27th May 2020 / 10:23 am

      Hi Joe,

      Can see that’s not ideal when the rules say loans are capped at 25% of turnover, maximum £50,000.

      Do you have a sense of your turnover for calendar year 2019 or 2019/2020? Worth checking if more recent turnover is higher, and especially if 25% of that more recent turnover is bigger than the Bounce Back Loan you received. Also worth checking the specific wording of the loan agreement you signed with your bank, if it refers to turnover for a specific time period like 18/19 or is more general. Personally, I’d have that info to hand for any conversation with the bank.

      Just a thought: it’s possible to make early repayments on Bounce Back Loans without penalty. Again, speaking personally, I’d be inclined to pay back any extra above the 25% of turnover limit, to avoid any potential issues in future.

      • Joe
        28th May 2020 / 8:55 pm

        Thanks for your quick response. My account tax year falls in between every 1st of June to May 31st of the new year. e.g 1/6/18 to 31/5/19. This makes my turn fall in between the years. As you have suggested on checking the documents very well before signing but am yet to receive any document from Barclays whereas the money has been paid the next working day. Hoping I would receive them by post tomorrow (four days now since money has been credited).

        From the application form, I could remember it state “25% of turnover 2019 and any business established after 1 January 2019 can use estimates”.

  59. Zoe
    27th May 2020 / 7:43 am

    We first applied for our bbl Monday 4th May . I have a joint business with my partner but we don’t have a business account . My partner has a Santander personal account and I have a Barclays account ( we run everything through the Barclays and pay ourselves into the Santander) . After weeks of hearing nothing from Santander not to even send over any documents as proof we recurved an email 8pm Friday 22nd May declining our application . We are devastated , we are a small family business but we have high business outgoings and we needed this loan to cover these expenses. We have 2 small children at home and this loan was going to be our life line . I also applied for a HSBC account which got denied and We have nothing phoned about the feeder account weeks ago and have had nothing back at all . I then spent 3 hours on hold to Barclays yesterday to be told I can’t open a sole account , it needs to be a partnership so I need to book and appointment to be able to open a account with them . The soonest date they had was the 7th July , they said it would be 10 working days after that to receive our account details and then we can apply for the bbl . I can’t believe how hard this has been to receive this money . The government have made out that it is this new quick payout loan but unfortunately it hasn’t been for us and we don’t know what to do next .

    • Faith
      27th May 2020 / 9:51 am

      Hi Zoe,
      Sorry you’ve had such a hideous time trying to get a Bounce Back Loan. Hope opening the Barclays account works out for you and all best wishes for your business.

      • Mo
        28th May 2020 / 5:32 pm

        Hi i applied for a bounce back loan yesterday with natwest as that is who i hold my business bank account with.I received a few emails where i had to sign a few adobe documents and also received a loan agreement which i signed. Does that mean that the loan has been approved or do i have to wait for further approval emails?

    • Hummad Humail
      1st June 2020 / 12:41 pm

      You should approach a third bank which you don’t bank with. This way, they wont be able to see your transactions and will eventually rely on your self certification on the application form. Simple. In the mean time, open a business bank account separately.

  60. Stuart
    29th May 2020 / 8:08 pm

    Been over 3 weeks applied for bounce back via Yorkshire bank. Only thing I got was initial confirmation of application email.

    Be honest really could do with the loan, been with Yorkshire business for good number of years, they not the best but it works, want be banking with them for long at this rate

    Great article

  61. Sara
    30th May 2020 / 8:11 pm

    Thank you for valuable information. I have bought a lease for a shop( Retail business) spend 60k in November 2019. My Average sale per month was 20k specially december was very high sales. I couldn’t apply for a business account as had an appointment in feb 2020 but missed my appointment due to business commitment. My tax will be due next year. What i can do to apply for a BBL? My credit history is good. Can i apply for feeder account? Secondly HSBC feeder account is better or any other bank? If you please name the banks providing feeder accounts.

  62. sam jones
    31st May 2020 / 11:11 pm

    I bank with HSBC. Loan approved and signed for 14 days ago. Still no funds. No idea what is going on!

  63. jason
    1st June 2020 / 12:40 pm

    Hi Faith,

    Thanks for providing an insight in to the process of the BBL, im currently with nationwide that don’t offer the loan, so im looking at alternatives.

    It seems you manaed to get a feeder acount in approx 12 days, which doesn’t seem to bad, however you did mention you were on long phone calls just to process small amounts of info, please could you elaborate on the feeder account process as that seems to be a viable option for many given some banks are not offering the bbl loan scheme.

    Further, you mentioned you wish you had known you would be asked for a selfie, how is this done? through the online portal or emailed? while over the phone ? seems odd, but if i am going to be stuck on the phone for long periods, i would like to be prepared for what i will be asked for.

    Any help is appreciated.

    kind regards

    • Faith
      11th June 2020 / 1:07 pm

      Hi Jason –

      The process of getting a feeder account took from applying on 13 May to actually getting an account number and sort code on 29 May. The information I was asked for wasn’t terribly difficult – addresses, copy of tax return, turnover etc. But the forms where lengthy, and I was required to fill them in on screen while on the phone with a customer support manager. There were also long gaps between filling in forms and moving to the next stage.
      For the selfie, I was required to take it while on the phone with the customer support manager and then upload it through the HSBC online system. It was to do with verifying my ID, comparing the selfie to the picture I submitted of my driving licence.
      Good luck with your application.

  64. Hanif
    1st June 2020 / 8:31 pm

    Hi Faith, great helpful article. Thank you!

    Do you (or any of your readers) know whether the bounce-back loan appears on your **personal** credit report when applying as a sole trader?

    I’m hesitant to apply as I’d like to keep my credit report as clean as possible but need the loan to support working capital for my business.

    Would really appreciate your reply on this as I can’t find any info on this.

    Thank you

  65. 2nd June 2020 / 12:25 pm

    Hi, great article and very helpful. I’m being asked to provide my 18/19 return as I’m a holder of a santander current account instead of a business account. However I was only self employed for 50% of that year. Do you know if I can apply based on my 19/20 return for which I was solely self employed? That would really affect the amount I can borrow?

  66. Philip R Allen
    2nd June 2020 / 2:14 pm

    I have just opened a TSB business account having also applied for the HSBC Feeder account. I noticed on the TSB site that it states that you must not have applied elsewhere for a BBL so, as a precaution, I then cancelled my application for the Feeder account. I have now applied for the BBL through TSB. Hope my initial application with HSBC doesn’t query things!
    Good luck with yours.

  67. 2nd June 2020 / 2:52 pm

    Just come across this very interesting blog. Some more personal experience for you regarding BBLs.

    I have just been turned down my NatWest, with whom I have had a relationship for 40 years. No advice given, just 14 days wait and a rejection, not by email but just a notice online under their loan application header. It’s extraordinary and yet further staggering evidence that banks fail to do the very thing they are presumably licensed to do. For the record, I own a freehold inn/hotel and another residential property and have no borrowings and decent cash balance. Presumably having spent 18 years overseas, I have no credit record to speak of (I’m one of the old school that doesn’t borrow normally) and yet that is not even supposed to be taken into account.

    So despite being an excellent risk and the funds required for genuine refurbishment and upkeep of a business forced to close, their are no funds available it seems. A cursory glance around other lenders indicates there will be no luck there either as all are prioritising existing customers.

  68. KM
    2nd June 2020 / 3:22 pm

    HSBC customer for 4 years for our business, husband has personal account with them for 30+ years! Applied for CBILS 28/3 to be told no longer applicable to us once BBL was released. Applied for BBL 5/5 and still waiting! Have filed complaints, calls and call back requests not being logged and no one seems to know what is going on any time was call! They wouldn’t have so many people ringing them if they actually communicated with customers and trained staff accordingly!

    3rd June 2020 / 10:00 am

    Really great Info
    we Bank with a bank that doesn’t do any of these loans. So i’m starting the process with HSBC…. Yawn!!!!!!

  70. Clara Carpenter
    3rd June 2020 / 3:43 pm

    Great article full of information. However, having applied initially for a CBILS loan with HSBC on 31st March (we are an existing HSBC Business account holder), then transferring to a Bounce Back Loan on 2nd May we still have received…wait for it…. Nothing. No quantifiable timescale, no e mail, no phone call, no loan.

  71. A
    3rd June 2020 / 4:59 pm

    Hi, Great article!

    Just wondering if you would know when Metro is planning to have the BBL form open as I have a current business account with them? Should I wait or apply through HSBC?

    And if I do apply through HSBC and then find that Metro bank has opened its applications, can I repay the loan to Metro?

  72. Adam Middleton
    3rd June 2020 / 8:54 pm

    Tale of woe – HSBC Bounce back loan Journal:
    o4 May 2020 5pm – applied for HSBC bounce back loan – existing business account customer for 3 years.
    No immediate email from HSBC confirming receipt of loan application. But noted down ref number will obviously come in handy for when they contact me with progress update (yeah right…!)
    08 May 1pm – Decided to call the HSBC coronavirus helpline answered super quick – could not give me any info as advisors do not have access to requied systems – i think this is more of a HSBC tactic to offer customer appeasement as opposed to technical loan advice.
    15 May 2020 3pm – after a complete no show for almost two weeks from HSBC with regard to communication about my bounce back loan status i decide to re apply… Noticed the application process seems more polished with a responsive email noting receipt of application and a ref number.
    23-26 May circa 1pm – made calls to the HSBC coronavirus helpline appeasement received. Made formal complaint re loan delays within HSBC (26 May)
    02 June – communication from HSBC complaints £100 good will added to business bank acc – thanks – wheres my loan funds…?
    03 June – still nothing… emailed local con MP and financial ombudsman with formal complaint – HSBC are treating me with absolute contempt!

    • Jay
      4th June 2020 / 7:45 am

      When it is time to repay, do the same. Give them the same treatment. Too bad the ones who will get burnt is the government as the lenders are 100% secured. Just wait it out, it’s free money.

    • James Gerwat
      6th June 2020 / 6:17 pm

      Glad it’s not just me!
      Their call handlers are just ‘phone jockeys’ .

    • Faith
      8th June 2020 / 11:14 am

      Hi Adam.

      Sorry you’re having such a hideous time with your Bounce Back Loan application. Hope it does work its way through the system in the end. Must be extremely frustrating.

  73. 4th June 2020 / 4:47 pm

    I have applied for the Bounce back loan at HSBC I did apply for the business account first what took 2.5 weeks and was approved i got my business now for two years but was with a online bank that dont provide loans. Then i applied for the Bounce back loan last Friday 5 working days ago haven’t heard anything yet but hopefully soon. I understand it can take a while with so many customers applying but its nerve wrecking to wait for that email to come. I lost so much to give tickets refunds to customers and cancellations for birthday parties. It would be great to find out soon:-)

    • Sarah
      5th June 2020 / 4:42 am

      Thank you for the article, very insightful.
      I’m having difficulty opening a business account because I was recently (March) given CCJ.
      I’ve heard so many nightmares stories about HSBC but I’m tempted to try my luck with their feeder account.
      Please do you know if they will run a credit check for the feeder account?

      • Faith
        5th June 2020 / 7:00 pm

        Hi Sarah,
        Yes, I’ve had confirmation from HSBC that when people apply for feeder accounts they are credit checked, as part of standard fraud checks.

      • Katie
        6th June 2020 / 5:44 pm

        Yep, the credit check to give you a feeder account. Mine got declined!

    • Faith
      5th June 2020 / 7:04 pm

      Hi Shirley,
      Sorry it’s so difficult waiting to hear from HSBC. Seems like they’ve been overwhelmed with applications and everything is taking a long time. Good luck.

  74. Yolanda
    5th June 2020 / 2:52 pm

    I’m an existing customer with HSBC. Been with them for just under 1 year.

    I applied for the bounce back loan on the 14th May and I kid you not I am calling every week or every other day. Is there ANY way we can proceed quicker?
    I’m a limited company.

    • Faith
      5th June 2020 / 7:00 pm

      Hi Yolanda,
      So sorry you’ve had a frustrating time with HSBC. Other than calling and writing I haven’t found another way to get through. Maybe try tweeting?

  75. 5th June 2020 / 4:58 pm

    I asked Santander bank if I could pay lump sums off my bounce back loan in the first 12 months to chisel away at the loan to lesson the amount of interest to pay on outstanding capital.The reply was a definite NO is that correct cheers Wayne

    • Faith
      5th June 2020 / 6:59 pm

      Hi Wayne –
      Worth checking the loan agreement you signed with Santander. My paperwork with HSBC has a section on Voluntary Prepayments which says “You can prepay the Loan, or any part of it, at any time if: (a) you give us at least 10 business days’ written notice; and (b) you also pay us all accrued interest on the amount prepaid.’
      No reference to not allowing lump sum payments in the first 12 months.
      However, bear in mind that you don’t have to pay any interest or make any repayments during the first 12 months with a Bounce Back Loan. So even if Santander stick to their guns, you shouldn’t be out of pocket for the first year. Set any money you would have repaid aside, and use it to pay off a chunk once the first 12 months is over.

  76. Jasmine
    5th June 2020 / 5:16 pm

    I was approved for bounce back loan with HSBC on 12th May all signed. I was told I would have the money in my account within 3 working days, I’m still waiting. I’ve called numerous times and spoken to managers but I’m just told to wait and there isn’t a time scale. I totally understand that they are inundated with applications but surely they could give some clue as to how long the process should take. I need the money to get myself back working after 4th July. Hope I hear something soon.

    • Faith
      5th June 2020 / 6:53 pm

      Hi Jasmine,
      Really sorry to hear about your delays with HSBC, hope the money does show up in time to get your back working again.

  77. David
    6th June 2020 / 4:09 pm

    Did you have to provide your SA302 along with your tax return?

    • Faith
      8th June 2020 / 9:42 am

      Hi David,
      Personally, I didn’t have to supply my SA302 when applying with HSBC, just a copy of my 2018/20 tax return. Think Starling might ask for it though?

  78. Katie
    6th June 2020 / 5:43 pm

    I waited 4 weeks to get anywhere with the HSBC feeder account, only for them to change the process and it’s now done online. Great news for future applications.

    However, the feeder account is credit checked, which is ridiculous as it’s not even a proper account you can do anything with. So before I can even get to the BBL application, mine has been declined as I’ve failed on a credit check for the feeder account?!

  79. 6th June 2020 / 6:09 pm

    I’ve banked with HSBC for about 12 years (limited company).
    I applied in the first instance for the CBILS….4 weeks later (Saturday) I was actually contacted….the BBL was about to launch on the Monday (4th May) …and was clearly more suitable to my small business.
    I applied online – much more straight forward application than the CBILS, with all the cashflow forecasts & balance sheet. Why couldn’t they just use the info from that. Ho hum.
    Anyway, 6th June now & no news.
    Despite phone calls to HSBC…which is a challenge. I just get asked if I’d like to make a complaint!
    In those 12 years I’ve banked with them, I’ve never had to ask for anything.
    I’ll be taking my business account elsewhere, once I’ve navigated the cashflow blip

    • Faith
      8th June 2020 / 9:40 am

      Hi James,

      Sorry to hear about your delays in getting a Bounce Back Loan from HSBC. Is it worth making a complaint, next time they ask? Appreciate may not solve the problem, as other people who have commented on this thread have also complained and still no joy. Hope your situation is resolved soon.

  80. 6th June 2020 / 8:04 pm

    What if you take on a BBL and find after the first 12 months or within it, that your business can not continue, will you be made to pay the loan back?

  81. William Pottinger
    7th June 2020 / 2:53 pm

    I first applied for feeder account on 12 May still waiting all they tell me is that they are trying to be as quick as they can so I keep phoning but keep getting fob of

    • Faith
      8th June 2020 / 8:54 am

      Hi William, Sorry you’re still waiting for a feeder account. Must be very frustrating. Think they’ve been overwhelmed with the demand, hope you hear soon.

  82. Kat
    7th June 2020 / 8:28 pm

    Hi. Applied for BBLS for our ltd to out coop business bank on 14.5.
    They emailed back to ask for the latest financial account which I sent on the 19.5. Nothing at all since.
    No phone number or reference number. Anyone else having trouble with BBLS from the coop?

    • Faith
      8th June 2020 / 8:46 am

      Hi Kat –
      Sorry about the delay with the Co-op. I haven’t heard of any particular problems there, but suspect it may have fewer business account customers than some of the bigger high street banks. Anyone else having problems with the Co-op Bank?

  83. Paul James
    8th June 2020 / 6:01 pm

    Reading through these comments, I think we were lucky as a business.
    I applied for the full £50K on Friday lunchtime (5th June) and the money was in the bank today (8th June). We bank with Yorkshire Bank and used them for the loan as well which is maybe why it was quicker.

  84. Kath
    8th June 2020 / 6:38 pm

    Just wanted to add my experience with LLOYDS which was really positive. Applied for their BBLS on a Friday night (we met all criteria and already had a biz account with them) received facility letter back immediately via email and money was in the biz account by the Tuesday afternoon. No extra questions/required info/checks other than the initial application form which only took 5 minutes. We didn’t ask for the max amount we could have as we didn’t want to seem greedy so only asked for what we really need. Very grateful for this service and our experience was simple and seamless. Thanks to Faith for the fab info, I hadn’t even heard of this scheme before and in just 3 days, we’ve managed to get back on our feet and are looking forward to the future again.

  85. Angela
    9th June 2020 / 1:59 pm

    I applied for a bounceback loan from my bsiness bank RBS. Immediatley after I sent the signed paperwork I Idownloaded it for my records. It wasnt until then that I realised I had the decimal point in the wrong place. I needed £30k to pay my outstanding bills and to purchase stock when the business is able to reopen. As soon as I realised what had happened I called the bank to advise and was toild to cancel it and restart, however I was unable to do this. I received the £3k very promptly but its not enough. A specialist team were working on a resolution as according to one of their advisors is a common mistake. A month later and several calls later there is still no resolution. I work in the leisure industrydf and we now have potential dates to open the business but I will struggle without financiald help. Any advice?

    • Faith
      9th June 2020 / 4:35 pm

      Hi Angela,

      What a nightmare. Sorry about the problems from putting the decimal point in the wrong place. Officially, you cannot get two Bounce Back Loans for the same business, so applying elsewhere would not help. Sounds like you are doing the right thing pursuing it with a specialist team at RBS. Is there anywhere else you can turn for financial help?

      • James
        17th June 2020 / 10:23 pm

        What happens if you have another account with another bank for the same business and apply for a second loan? How would they know?

        • Faith
          18th June 2020 / 6:07 am

          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 Scheme facility”. So applying for a second loan is against the terms and conditions, and if discovered, the banks could take appropriate action, including demanding immediate repayment of the loan.

  86. Steve Rooms
    9th June 2020 / 3:41 pm

    I have applied for a HSBC feeder account and I have been declined! Why would this be?

    • Faith
      9th June 2020 / 4:32 pm

      Hi Steve –

      I don’t know specifically why your application for a feeder account will have been applied. But HSBC does run a credit check as part of the application process, and some other people reckon that caused their applications to fail.

  87. Tahir Abbasi
    9th June 2020 / 3:49 pm

    Very informative , I applied Bounce back loan from HSBC more than three weeks ago i had personal account with them i received confirmation email that my application submitted successfully got no reply till week . After 7 days of submitting my application applied for HSBC business account received my debit card and sort code in two weeks during this application check portal it was showing me i can apply for bounce back loan now , got confused whether to wait for first application or apply with new application with new business account and sort code . I decided to apply new bounce back loan application with business account sort code and account number , Application was submitted on 31 May i received confirmation mail from HSBC but till now i have no idea where my application is . I called coronavirs helpline they said i have to wait because HSBC received many applications they are doing it in order . Can you please help can i reach business manager or someone who can really tell me whats going on with my application . Please share the contact number or email address .

    • Faith
      9th June 2020 / 4:29 pm

      Hi Tahir –

      Afraid when I was applying with HSBC I never did find a phone number or email address that could actually check on the progress of my loan. They’ve been overwhelmed with applications and just seem to be working through them sloooooowwwwly.

      • Tahir Abbasi
        9th June 2020 / 6:24 pm

        Thanks their system looks like black box and it also allow to apply more than one time . I will try to speak with some business manager see if he can give me update . My question is i applied through HSBC business account which is new account and there is no activity in that account . Do my company which is limited company needs to have account activity for bounce back loan .
        Many thanks

  88. Steve Rooms
    9th June 2020 / 4:00 pm

    I’m afraid that the advice given regarding being a First Direct customer is wrong. I have just spoken to them as an account holder and they have told me that they cannot help me with a Bounce Back Loan!

    • Faith
      9th June 2020 / 4:28 pm

      Hi Steve – First Direct does not provide Bounce Back Loans. However, I was able to use my First Direct current account details to apply online with HSBC, and now have the loan money.

  89. Sharon Pereira
    10th June 2020 / 1:32 pm

    Don’t know where to start. Made an application with Natwest on 4th May. Was declined but they could not tell me why. Asked to re-apply also declined. Was told it was a glitch with their system and to wait a couple of days and re-apply which we did. got a reply which said there was an undischarged bankruptcy against the company (have NEVER had one). Contacted them to say still getting the bankruptcy reply asked me to send copy of credit file and I also sent a copy of the search from the Insolvency register showing NOTHING REGISTERED. Was told to wait 3 days for reply, no reply after 3 days so phoned them. Told to make a complaint which I did on 21 May and to date have not had a response. Have been phoning every couple of days for an update only to be told the standard response IT WILL TAKE 2 TO 3 WORKING days. It is now 10th June and not ONE PERSON has contacted us. Resent all the papers last week was supposed to have a reply today and guess what NOTHING. It is absolutely terrible the way I have been dealt with especially as I am an existing business customer with Natwest. Business is in dire straits as have no income since March.

  90. Marius
    10th June 2020 / 1:39 pm


    I have a question about BBLS.

    If I take the BBL is possible to close my LTD company becouse i’am struggling with the payment after 14 months?


  91. Eleanor
    11th June 2020 / 10:46 am

    Hi, very informative read, thank you.

    Do you know when the deadline is for the bounce back loan? I’ve looked everywhere online and asked my accountant and nobody seems to know. I’m waiting to be accepted for a business account from my bank but it could take up to 6 weeks (understandably) I could do with waiting as long as possible until I apply for a BBL as I can muddle through the next couple of months and want the 12 months payment date to be as late in the year 2021 as possible to give me plenty of time to sort out the payments.

    Any advice on the deadline date would be much appreciated.

    • Faith
      12th June 2020 / 11:54 am

      Hi Eleanor,

      Good question. I checked with the British Business Bank, which signs up all the lenders offering Bounce Back Loans. It said the Scheme will initially open until 4 November 2020, with the government retaining the right to extend this. So looks like you could wait a while – although I wouldn’t leave it until the last moment, given the delays in accepting applications we’ve seen so far. Good luck with your business!

  92. Bilal
    12th June 2020 / 10:36 am

    Hi, I am a sole trader but do-not have a business account now want to apply for bbl with Santander.
    Should I use my turn over from 2018/19 self assessment or year 2019/2020 turn over

  93. Bilal
    12th June 2020 / 10:37 am

    Hi, I am a sole trader but do-not have a business account now want to apply for bbl with Santander.
    Should I use my turn over from 2018/19 self assessment or year 2019/2020 turn over

  94. Agent Smith
    12th June 2020 / 12:05 pm

    To provide more insight and hope to you all still trying. I applied for a HSBC feeder account. A month later I’ve had a couple of emails and a letter in the post sent after the online account application.
    Starling opened my account fast but keep informing me that it basically would be better to go else where for a bbl. No indication when they would invite me to apply for bbl. Tide keep messaging me to ask for more details about my business. Feels like an effort to even get through the begining hurdles. Over 4 the week period I had applied for accounts with HSBC, tide and starling. Starling was the only one that opened the account but no indication of when I could apply for bbl.

    Then comes metro. I bank with them personally so opening an account with them took 4 days as they didn’t need to check my identity and fraud checks as they know me. So it took around 5 working days to open my account. Then I could apply for the bbl right away with my account details on their open portal. Next day the BBL was paid out. Hats off to metro.

  95. Raluca
    12th June 2020 / 7:59 pm

    Hi, sorry to ask you, I saw you wrote that you are a sole trader and you are not paying any tax for the loan. Do you know if you are a LTD, you are paying any tax? Thanks

  96. Tax
    12th June 2020 / 11:31 pm

    Hi Faith
    Thanks for the article. It is very informative. Is there an option to transfer the loan to a personal account from HSBC feeder account or does it have to be transferred the limited company business account?

    • Faith
      14th June 2020 / 12:17 pm

      Hi Tax,
      When I applied for a feeder account with HSBC, I put down details for my personal current account, as the destination for the loan. I’m a sole trader and don’t have a business account.
      However, I don’t know if the situation is different if your business is actually a limited company.

  97. John
    14th June 2020 / 4:31 pm

    Hi, I have a Limited company which start operation since July 2019 and I am yet to submit first tax return.
    The company projected estimate turn over is 150k but I have only 8k going through the account so far, so I did apply for 25% BBL by HSBC which I have both personal and Business account with. Do I still qualify for 25% of estimate turn over even though we haven’t submit the first annual tax return?

  98. Alex
    15th June 2020 / 9:24 am

    What happens if I can’t pay back the bounce back loan? Will I go to prison? I am worried that I can’t pay it back and what will happen?

    Also how much would I actually need to pay after the first year finishes?

    • Faith
      18th June 2020 / 6:38 am

      Hi Alex,

      All borrowers are 100% liable for paying back the loan and the interest.

      What happens if you cannot pay back the Bounce Back Loan will depend on your bank and whether you are a sole trader or a limited company.

      The official line is that if you are having financial difficulties, talk to your lender, and ‘they will have standard processes in place to support customers in those circumstances’.

      Still can’t pay? If you are a sole trader or partnership, so don’t have the benefit of limited liability, then the bank could take personal assets to get their money back – although with Bounce Back Loans they cannot take your main home or main personal vehicle.

      If you can’t pay the loan back, it could also have a negative impact on your credit score, which may reduce your ability to borrow in the future.

      The amount you will actually need to pay after the first year finishes will depend on the amount you borrow. Interest on Bounce Back Loans is fixed at 2.5% a year. The total amount borrowed and expected interest will be split into equal repayments each month during years 2 to 6 of the loan. However, you can also choose to make pay off extra chunks, or the whole lot, early if you want to cut the amount of interest charged.

      Here’s an example from Santander: if you borrow £25,000, your repayments will be £469.75 a month, and the total amount repayable by the end of year 6 will be £27,215.81

  99. Richard Kane
    15th June 2020 / 10:42 am

    Barclays are driving me mad. So way back I attempted to apply for a BBL. An error page came up, ceaselessly eventually they told me there was a discrepancy between my wife’s name on the company account and companies house. So I fixed that really easily on the 21st May. The error is still sitting there on Barclays page and they cannot get rid of it. So I wait. Meanwhile I open a Tide account as a backup. Opening was easy, but they are hideously behind, so 4 weeks after opening the account I still cannot apply because they are too snowed under.

    • Faith
      15th June 2020 / 10:51 am

      Hi Richard – So sorry to hear about your frustrating delays with both Barclays and Tide. Hope you manage to borrow the money needed in the end.

  100. Mahaboob Irfana sayed
    15th June 2020 / 2:10 pm

    I started my business on 1st March 2020, I would like to apply for bounce back loan, I traded until March 16th and after that, I closed due to Lockdown. How can I estimate the turnover???

    • Faith
      18th June 2020 / 6:19 am

      Hi Mahaboob,
      Wow, such a shame your business was only running for just over a fortnight before you had to close due to lockdown. You could provide an estimate of your turnover based on your business plan. The criteria for a Bounce Back Loan do say people can apply if their business was established ‘on or before 1 March 2020’, so they are open to very recent businesses.
      Suspect you may need to provide more paperwork, and the process may take longer, than if you were applying for a business with a longer track record including for example an 18/19 tax return.

  101. 15th June 2020 / 5:02 pm

    Great post! Thanks for sharing the knowledge and keep up the good work.

    • Faith
      18th June 2020 / 6:20 am

      Thanks Brian!

  102. yinka Layiwola
    17th June 2020 / 12:58 pm

    Good work and Thanka for the article.
    Do I have to pay back to my bank or Goverment after a year?

    • Faith
      18th June 2020 / 6:13 am

      Hi Yinka,
      Bounce Back Loans run for six years. You do not have to make any repayments during the first year, but afterwards your bank will ask for payments every month during years 2 to 6. You can also pay the loan off early, whether in full or in chunks, with no penalties. All payments go to your bank, not the government.

  103. James
    17th June 2020 / 9:08 pm

    What happens if you have a second business account with another bank and apply for the bounce back loans with them as well? So you end up with 2 bounce back loans?

    • Faith
      18th June 2020 / 6:09 am

      Hi James – As above, 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 Scheme facility”.
      So applying for a second loan is against the terms and conditions, and if discovered, the banks could take appropriate action, including demanding immediate repayment of the loan.

  104. andy pattinson
    19th June 2020 / 8:36 pm

    I had an email from HSBC telling me they couldn’t find my bank account even though I verified my account on the application which I completed over a month ago. I re applied and was immediately refused because they stated they had done a full credit check. I am a discharged bankrupt from when I was off work with a rare brain disease called moyamoya. My business always makes a good profit and I have never been overdrawn it’s owe anyone any money. Now I’m suffering again. Its complete bull crap. I am going to complain through every I can find.
    The government say they will back the loan 100% and no credit checks are needed. There are no laws saying I can’t have a loan because I am discharged.

  105. Alan
    20th June 2020 / 7:47 pm


    I have a business bank account with RBS and have been refused a business bounce back loan with them. I then decided to try hsbc and opened a feeder account after a long waiting time. I was once refused again much to my dismay. Do I have other options or is it possible to try other lenders?

    • Faith
      22nd June 2020 / 6:58 am

      Hi Alan, If you have been refused a Bounce Back Loan with one lender, the terms and conditions do say you can apply elsewhere. Normally, best place would be the bank where you already have a business account, but seems RBS turned you down. With checking if the bank you use for your personal account offers Bounce Back Loans. Do you have any idea why you were refused by RBS and HSBC? Have you checked your credit record to see if there are any errors which need correcting? Good luck!

  106. Marra
    21st June 2020 / 1:03 am

    What gonna happen if my company will fail.? An I cannot pay back the loan.?

  107. Julie mayes
    21st June 2020 / 11:06 am

    I’ve been refused a feeder account by HSBC
    I’ve applied to my bank STARLING but constantly being told to be patient, I’ve been waiting for over 4 weeks to receive an email to say I’ve been invited to apply for the Bbls but still not guaranteed to be accepted. I’ve made numerous call, emails, messages but I get limited response from Starling, told to check progress of application in online banking but this seems to be blocked by Starting as it continues to bounce you back to your banking app, it’s extremely stressful and disappointing for Sole Traders

    • Faith
      22nd June 2020 / 6:49 am

      Hi Julie,
      Sorry you’ve had such a frustrating time both with HSBC and Starling. Do hope your loan comes through in the end.

  108. Kath
    22nd June 2020 / 4:52 pm

    I applied to HSBC (not a previous customer). It took 22 days to get the account. A further 10 days to approve the loan application and I filled in the form and sent back the E-signature document 6 days ago. Still no money. I have called and been told they wont give me a time scale I just have to wait! Ridiculous.

    • Faith
      23rd June 2020 / 11:07 am

      Hi Kath –
      Sorry you’ve had such a frustrating wait with HSBC. Glad though that you’ve got as far as setting up the account, applying for the loan and signing the form – many people seem to have been stuck in earlier stages of the process. Really hope your loan money shows up soon and best wishes for your business.

  109. W B
    22nd June 2020 / 10:40 pm

    So did they use your personal account via the initial online application or was it into the feeder account based on the second application?

    • Faith
      23rd June 2020 / 10:58 am

      Hi WB –
      In the end, the Bounce Back Loan was paid out from my online application using my First Direct personal current account details. So the HSBC feeder account was never used – although I fear it would have taken even longer to get my Bounce Back Loan if I hadn’t set it up. Why? Because I asked the customer support manager who set up the feeder account to find out what was happening with the online loan application using my First Direct account. Once he asked around about my loan application, the paperwork appeared and the loan money was paid out. Great relief when it was all sorted.

  110. 25th June 2020 / 3:25 pm

    Hi, I have been considering a bounce back loan as I don’t want to dip into personal savings. My main problem is I have no business account and ZERO credit rating, nothing good nothing bad! I currently bank with Lloyds, where I also hold my savings. I had intended to open a Starling account before all this happened but now wondering if I go with my current Bank (Lloyds) will my banking records with them be helpful?
    Any advice very welcome.

    • Faith
      27th June 2020 / 4:10 pm

      Hi Claire – If you’re a sole trader, looks like opening a business account with Starling isn’t an option right now, as applications are temporarily closed (link:
      Applying for a Bounce Back Loan via a bank where you have an existing relationship is normally a good move, as it should cut some of the time and admin. Lloyds Bank does allow personal current account customers to apply for Bounce Back Loans, provided they open a Lloyds business account (more info here: )
      As you’ve identified, if you don’t have any credit rating, you may have problems being accepted for a business account or being accepted for a Bounce Back Loan.
      However, if you have a personal current account you’re likely to have some credit record, even if it’s not long. I recommend checking the 3 credit reference agencies (Experian, Equifax and TransUnion) to get an idea of your credit score – you may yet be in a better position that you expect. You can check your credit record for free using Money Saving Expert Credit Club (for Experian), Credit Karma (for TransUnion) and Credit Karma (for Equifax).
      Whether you decide to apply for a Bounce Back Loan or not, it’s worth checking how to increase your credit rating, as it could be helpful in future when applying for everything from credit cards and loans to mortgages and mobile phone contracts.

      • 1st July 2020 / 1:18 pm

        Thank you so much for your detailed reply.
        Despite running my own business I hate dealing with this sort of thing (I am an artist!). Thankfully my credit score seems to be good so I will start the ball rolling with my bank. Many thanks once again for your reply, Claire

  111. 27th June 2020 / 1:11 pm

    I’ve been trying to apply for a bounce back loan with Barclays since 4th of May I was up at 7am and trying to get this done. The portal didnt go live until noon. When I applied I kept getting errors on my Barclays Online terminal and it would not let me apply. After hundreds of hours on HOLD and trying to speak with agents, they figured out that they made a mistake when they opened the company up and put us under the (INSURANCE) but we pay VAT on all sales and we are STRICTLY NOT AN INSURANCE COMPANY BUT A SERVICE PROVIDER – They changed this but due to the change and when portal was built it used historic data for AUTOMATIC refusal of BBIL. ERROR: We need more information before we can continue with the BBIL – I have been waiting 7 weeks for a call-back I’ve rang them over 100 times, and every time they say nothing they can do. As an alternative I’ve applied to Starling – Which rejected my application on opening an account. I tried opening an Account with HSBC – they refused my application there also.

    I’ve contacted FSB Small business’s for support waiting for a reply, as we have membership with them, but no one seem to be helping us. It’s really unfair, as this funding is for us to bounce back when our employee’s go back to the offices, we have been effected and I cannot believe the lack of support or help provided by our Existing bank BARCLAYS – which said they had 1200 people working on fixing this as there as few people experiencing this issue, but 7 weeks in and NOTHING has been done!

    • Faith
      28th June 2020 / 8:27 am

      Hi Serge,
      Sorry to hear you’ve had such a frustrating time with Barclays, and not been able to obtain a Bounce Back Loan elsewhere. Hope it comes through in the end and good luck with restarting your business.

      • Serge
        29th June 2020 / 3:02 pm

        Hi Faith,

        Just an update, after waiting 7 weeks for them to call back, the same agent I spoke with many times, that couldn’t help. Gave me a call to tell me, that I have been rejected, due to fraud by CIFAS.

        I’ve never had any fraud/related issues in my life, I hold several credit cards, which of one I had opened only a year ago with no issues with a really high limit, always up to date with all my payments. Have no loans/debts or defaults on my credit-file.

        They just fobbed me off saying you have to write this to CIFAS/Or a credit referencing agency to get a Subject to Access request to find out what is on the file that’s preventing us getting the funds we need to support our business. I feel they are coming up with 1 excuse after the other.

        I feel the two things I’m going to be doing is once receive the complaint letter, will create a case with Financial Services Ombudsman and also will raise a complaint with CIFAS/Equifax, to find out whats happening on our file that’s caused us to have this problem.

        I cannot believe this, it feels like every corner taken is hitting a wall! The good thing is that the council recently gave some funding to help our business, which we are eternally grateful, but this BBIL which we are entitled to, which is coming out of tax payers money, where we pay all TAX/VAT and are above board which we have done for the past almost 2 years, we are being refused the support! If anyone else has anything else we can do in this instance, all help and support tips would be welcomed. Thank you

  112. Natalie
    29th June 2020 / 1:24 pm

    Does hsbc do credit checks? Says so on the feeder application form! One of the directors of our LTD
    Company has a very low credit score…
    Waiting and stressing

    • Faith
      29th June 2020 / 1:50 pm

      Hi Natalie – Like other banks, HSBC will do credit checks before opening a new bank account, as part of the anti-fraud checks. Fingers crossed the loan works out for you. Otherwise, if it doesn’t work out with HSBC, worth seeing if the bank you usually use for your limited company business account will provide a bounce back loan. Good luck!

      • Sam
        30th June 2020 / 12:55 am

        I’ve just applied for a bounce back loan got confirmation email. I was wondering what sought of documentation Hsbc requires as part of due diligence ?
        After reading from many comments on your thread I am not sure if self assessment has been asked from self employed or also from people who have limited companies. My friend applied with Barclays and they didn’t ask for any docs / tax papers etc but seems like starling has been quite strict one.

        • Sam
          30th June 2020 / 12:57 am

          One applies with HSBC ( I wasn’t banking with them so I opened a new business account with them )

        • Sam
          30th June 2020 / 12:57 am

          I applied with HSBC ( I wasn’t banking with them so I opened a new business account with them )

  113. Jack
    5th July 2020 / 5:32 am

    Can you go to prison for not being able to pay back the loan?

  114. 8th July 2020 / 4:18 pm

    great post. is there any hope for those with bad credit history?

  115. 11th July 2020 / 9:38 pm

    I applied on the 15th June and received an email saying ‘application received’ but have heard nothing since. I have a HSBC business account ready to roll but every time I phone they tell me nothing. My friend applied with a different bank and got the money ON THE SAME DAY!!!! I’m nearly a month in and nothing ‍♀️ Not impressed!

  116. Rendell
    20th July 2020 / 3:36 pm

    My transport business has crumbled and i could not easily get a loan. Luckily for me i hired a professional early February (you can reach him at (Ghostpetru) on WICKR app) who helped clear my records and work on my credit score, now I am above 650 but yet I have applied for the SBA loan and its been silent, no email or form of response to acknowledge my app. What may be wrong?

  117. Benjamin
    21st July 2020 / 12:07 pm

    HSBC , NOT SURE WHERE TO START , EARLY MAY APPLIED FOR A BUISNESS ACCOUNT , END OF MAY THE ACCOYNT WAS OPEN , SINCE IVE HAD 3 SIGNITURE STRIPS SENT THOSE OFF BEEN TOLD TO APPLY FOR 3 separate Feeder accounts had to apply twice with the same details i used first application , its now 21st of July, and nothing…. 51 days , ive been told 99.9% my facility letter is coming in 24 hours that was the 6th of July, called them they have admitted that there is an issue Technically on there end, i understand that things happen but , its appalling.

  118. John
    23rd July 2020 / 9:55 pm

    Hello could I ask does the money get paid direct it to your feeder account and do you have to manually transfer it or does it go direct to your bank account we’re payments will be made from..?

    • Faith
      24th July 2020 / 8:53 am

      Hi John – In the end I didn’t use my HSBC feeder account – the money was paid directly into my First Direct account from my online application to HSBC using my First Direct account details. So I’m not 100% sure.
      But when applying for the feeder account, I did have to provide bank account details for the account where I wanted the money to go, so maybe it does?
      Sorry not to be more help

  119. Leigh Turner
    25th July 2020 / 4:24 pm

    Hello fellow Suffolkeers 🙂
    We took out the bounce back loan recently and are now selling the company. Do you know if they can be transferred to the new owner of the business if she takes over the business account?
    Huge thanks!

  120. Liz
    6th August 2020 / 2:53 pm

    Could you appeal to the chancellor or treasurer if the banks are breaking the rules

  121. Paul Shears
    10th August 2020 / 11:50 am

    Just like the writer above, I also applied for a HSBC bounceback loan on 13/05/20.
    After many hours on the phone to HSBC since that date, plus Emails to HSBC (I never get a reply) and some postal documentation, I have still got no idea of when or even whether money will arrive!

  122. Kay
    11th August 2020 / 11:14 am

    Hi, great article by the way, very thorough! I finally managed to open an HSBC feeder account and sign the loan agreement. 4 days ago and still waiting on the funds. I was wondering if the funds are credited to the HSBC feeder account or directly to the beneficiary account I supplied when signing up?

  123. Gerry O'Neill
    12th August 2020 / 11:12 pm

    Applied for BBL loan to HSBC 24 June, I’m a business customer for the last 6 years. Heard nothing 3 weeks and complained online. 5 weeks later and while ringing to get a transaction reversed I asked about the BBL and was told she would put a note on my file and send it to the BBL team. Rang today and told a note was on my file it would be looked at again on 16 August and they would be doing a soft credit check. My business is due to start up next week and I have a lot of operating expenses to pay out over the next two months before the invoices start to get paid. I also have a few bigger bills this time of the year with insurances etc so need the cash flow. HSBC has also withdrawn my business advisor just when I needed one and I’m determined that I will be moving banks as I now will have to dip into personal savings to finance my business. Poor form HSBC

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  124. Matthew Kaye
    14th August 2020 / 1:31 pm

    I applied for my bounceback loan on 26th June. Still had no response from HSBC. They have now escalated it but nearly 7 weeks!! Come in HSBC you can do better than this!

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  126. Jackie Patrick
    11th September 2020 / 8:54 am

    Excellent info here.
    I received and sent my Echosign form for direct debit for the bbl which I’ve been accepted for.
    It’s a HSBC feeder account.
    I’m just unsure how you would get the loan from the feeder into your own account,and how do you even get into the feeder account,when the loan comes in.
    Sorry to ask what is probably a silly question.

  127. Tim Knight
    17th September 2020 / 11:34 am

    I applied for a bounce back loan to top up what I’d saved for a new van.
    The lure was the easy application process and the very low interest rate, which I can offset against my tax anyway.
    I still have £5000 of it left and I’m in disagreement with my wife and business partner as to what to do with it. I say we use it, very wisely to improve how the business runs, replace tooling, that sort of thing.
    She however wants to give the leftover amount straight back to the bank.
    I’m determined that we don’t argue over this.

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  129. Bogdan
    24th September 2020 / 11:08 pm

    Hi , this was very good I’ve apllied on 12 June 2020 ( day when I receive email confirmation) and just today I’ve sign the hsbc echosign:)) after many phones calls and emails they did it … it was a nightmare wich hopefully will finish soon … I’m still waiting the funds … we will see how long will take for that … brilliant article

  130. Margaux
    29th September 2020 / 11:18 am

    This was a super helpful article! Thank you so very much! My only question is regarding the Universal Credit, how is this loan not factored into Universal Credit payments. I’m the sole employee of my LTD co and am looking into getting the bounce back loan but would like to have all my ducks in a row before applying. Any advice would be much apprecieted

    • Faith
      29th September 2020 / 11:35 am

      Hi Margaux,

      Glad the post helped. If you take out a Bounce Back Loan via your limited company, it should not affect Universal Credit payments, because it is for your business and doesn’t count as income or personal capital. Good luck!

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  133. Mo
    7th October 2020 / 10:08 pm

    Applied yesterday with HSBC. In my account today. All of 22 hours

  134. 13th October 2020 / 3:02 pm

    What a great article, very insightful! Thank you for sharing!

  135. Bernie
    15th October 2020 / 1:36 pm

    What muppet wrote this article. “None of the building societies *cough* Nationwide”. Nationwide don’t offer products and services to businesses so why would they be in the scheme. Check your facts or, at the very least, be a little less self-righteous.

    • Faith
      16th October 2020 / 9:04 am

      Hi Bernie –

      You’re right that Nationwide don’t offer products such as business accounts and therefore wouldn’t be expected to offer Bounce Back Loans (as I replied to a reader on 26 May).
      Nationwide is Britain’s biggest building society, and I’ve had a few comments asking if they did Bounce Back Loans, so made it clear they didn’t in the main post.

      All the best for you own business,


  136. Allistair Mills
    5th November 2020 / 12:53 pm

    I am a Sole Trader with Personal account with HSBC, have banked with them for over 30 years and run my business for the same amount of time. I have applied online for an HSBC BBL three times now and each time they reply saying “Unfortunately, we’re unable to progress your application as a copy of your full 2018/2019 self-assessment tax return wasn’t submitted in accordance with scheme rules. Your BBL application has therefore been cancelled”. I have spent hours on the phone to some nice and some not so nice HSBC staff, not one of them has been able to help me with why the PDF file of my 2018/2019 tax return downloaded from my sole trader HMRC Government Gateway Account is not in accordance with scheme rules. I have emailed HSBC customer services and gone on the group chat who advised I phone again or email again. I requested a copy of the same file from my accountant which was also rejected. Can anyone help me with what format they used to obtain their BBLs from HSBC so I can copy and do the same.

    • Barbara Lam
      18th November 2020 / 11:50 am

      Have you got this sorted yet? it because you didnt upload the correct document. The correct document is about 18 pages of your actual submission. you can download this by logging onto your portal. The document should start with your address at the top right and it starts with your personal details, that should be the document you need to upload

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    • Grace
      10th November 2020 / 3:46 pm


      Going round in circles with Santander today. I cannot top up my bounce back loan, which is the result of me incorrectly detailing my turnover. (I put less than it is in my original location). So now I’m not sure what to do. I qualify for the top up – desperately need it to stay afloat but have requested Santander make an amendment on the turnover. Anyone else have this issue?

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  139. Hjalal
    15th December 2020 / 9:42 pm


    I have been in business for over 10 years as sole trader. Just couple of months ago I changed the legal status of my business to a limited company. Applied for bounce back loan with Natawest providing them all the evidences of existence of my business before March 2020 but they still refused my BBL application considering my business as a new business. Any suggestion what can I do in such circumstances to get BBL?

  140. Cristian
    19th December 2020 / 9:55 am

    Good information here. I didn’t find one that is important for me. What kind of account did you use to transfer the money from the feeder account? A personal or a business account? Thank you.

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  142. Matthew Warburton
    22nd December 2020 / 2:14 pm

    Is there anywhere where I can check if anybody has fraudulently taken out a BBL in my name.?

  143. den
    22nd December 2020 / 10:50 pm

    hey fab blog! what financial docs r needed for approval? is it just based on tax returns ??

  144. 4th February 2021 / 10:23 am

    I am so happy I found your blog and I absolutely love your information about bounce back loans and the tips you have shared are awesome. I liked and it is wonderful to know about so many things that are useful for all of us! Thanks a lot for this amazing blog!!

  145. 12th February 2021 / 11:09 am

    I’ve had to spend the money I had saved to start my business due to the virus. Can I apply for a bounce back loan to replace the money and start trading? I registered with companies house Jan 2020. I have just opened a business account with Yorkshire bank

  146. 12th February 2021 / 11:10 am

    I’ve had to spend the money I had saved to start my business due to the virus. Can I apply for a bounce back loan to replace the money and start trading? I registered with companies house Jan 2020. I have just opened a business account with Yorkshire bank

  147. 13th February 2021 / 1:34 pm

    Thanks for this information and the updates – very useful. Does a loan count in your annual turnover… don’t want to apply and then find it pushes me into a different tax bracket!

    • Faith
      15th February 2021 / 9:11 am

      Hi Helen – No, a bounce back loan for your business does not count as income, so shouldn’t be added to your turnover.
      If you don’t pay off your loan before interest is charged, you can actually deduct the interest payments (though not repayments of the capital or loan amount) as expenses, reducing your turnover and cutting your tax bill.
      Note: bounce back loans are different from money from the self-employment income support scheme (SEISS). If you got anything from SEISS, that does have to be added to your income, and then taxed.

    10th March 2021 / 6:45 pm

    I have a £30,000 bounce back loan with the funds just sitting in the company account. I am trying to sell the business. Two questions: 1) can I transfer the bounce back loan to a prospective purchaser if it would help him/her meet the asking price and 2) if I did transfer the loan to the purcahser would I have any liability?

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  160. 21st April 2024 / 5:05 pm

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