What are the Eligibility Criteria for Bounce Back Loans?

To be eligible for a bounce back loan (BBL), sole traders must meet the following criteria:

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The business must be UK-based. The business must have been trading for at least 12 months before 1 March 2020.

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The business must have a turnover of less than £45 million. The business must have been adversely affected by COVID-19.

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The business must use the loan to support its business activities.

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If you meet all of the eligibility criteria, you can apply for a Bounce Back Loan through your bank or other lender. The application process is relatively straightforward and can be completed online.

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