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