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Coronavirus (COVID-19)—Treasury announces BBLS launch, chancellor writes to lenders, BoE updates TFSME and PRA issues statement on credit risk mitigation

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Published on: 04 May 2020

Published by LNB News

LNB News 04/05/2020

Document Information

Issue Date: 04 May 2020

Published Date: 04 May 2020

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

HM Treasury has issued a press release announcing the launch of the Bounce Back Loans Scheme (BBLS) whereby Britain’s small businesses will be able to apply for quick and easy-to-access loans of up to £50,000. The government has also published a letter from the chancellor of the exchequer, Rishi Sunak, addressed to accredited lenders clarifying the approach he is taking to a number of matters relevant to the design and operation of BBLS. In addition, the Bank of England (BoE) has announced a change to the Term Funding Scheme with additional incentives for SMEs (TFSME) to support the BBLS and the Prudential Regulation Authority (PRA) has issued a statement on credit risk mitigation eligibility and leverage ratio treatment of loans under the BBLS.

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