Business Bounce Back Loan - What Can You Use It For?

🔴 Part 1 of Our Business Bounce Back Loan Series. The business bounce back loan was launched by the Chancellor of the Exchequer Rishi Sunak earlier this year to help small to medium sized businesses adversely affected by the Coronavirus outbreak, and if you're a small business owner, limited company director or sole trader this video will be extremely beneficial for you.Rishi Sunak has recently increased the applications date to the 31st January 2021 so you can still apply for the business bounce back loan if you have not yet.

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⏱️ Time Stamps:
0:53 - The basic terms of the Business Bounce Back Loan
1:36 - Who is eligible to claim a Business Bounce Back Loan?
2:24 - How is the BBL accounted for in your business?
3:08 - What exactly can I use the BBL for?
5:20 - What if I spend the BBL money personally?

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You are able to borrow from £2,000 and up to 25% of your turnover up to a maximum of £50,000 with some very appealing terms. These include, paying no interest for a year, and only 2.5% thereafter as well as some additional benefits and flexible repayments which we will go into in the next episode of our Bounce Back Loan series. The term of the loan is 6 years, however, now you can apply to extend this to 10 years under the pay as you grow initiative.

From an Accounting and Tax perspective, the loan becomes a creditor, or in other words, a body that you owe money to. It's important to note that your net position at the point of receiving the loan stays the same. It's always worth remembering that the BBL is a loan and not a gift; you will be required to pay this back. In our next video we'll be going into more depth on the potential consequences of not paying back the loan, as well as elaborating on some of the points Rishi Sunak has made in terms of extending the loan agreement and other such concessions that can be made to your business if you are struggling to repay the loan.

Be sure to subscribe to the Accounting & Tax Academy to be kept up to date with all of our latest videos as well as the next video in our Business Bounce Back Loan series, we'll be posting regular content twice a week, for small business owners, limited companies, sole trader and other tax conscious individuals.

#bouncebackloan #rishisunak #bblscheme

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Видео Business Bounce Back Loan - What Can You Use It For? канала Tony D | The Chief Finance Officer