Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 19 May 2020 Question 45020 on the Bounce Back Loan Scheme, whether businesses applying for a loan under the Bounce Back Loan Scheme are required to have had revenue in the 2019 fiscal year.

Under the Bounce Back Loan Scheme (BBLS) businesses can apply for a loan of up to 25% of their turnover in the calendar year 2019, from a minimum of £2000 up to a maximum of £50,000. In order to meet this criterion, businesses must have a turnover of at least £8000 from 2019.

If a business was established after 1 January 2019, the 25% limit should be applied to the estimated annual turnover from the date the business started.

The BBLS and CBILS are part of a broad package of support available for SMEs, including rates relief, grants and support for wage packages. Further detail on the support available can be found on the Government’s business support website.