## Can You Apply for 2 Business Bounce Back Loans?
**Introduction**
The COVID-19 pandemic has had a devastating impact on businesses worldwide. In response, many governments have introduced financial support measures to help businesses stay afloat. One of these measures is the Bounce Back Loan Scheme (BBLS), which provides small businesses with access to low-interest loans of up to £50,000.
The BBLS is a government-backed loan scheme, which means that the government guarantees 100% of the loan amount. This makes it a very attractive option for businesses that are struggling to access other forms of finance.
**Can You Apply for 2 Business Bounce Back Loans?**
The answer to this question is: **no**.
Each business is only eligible for one Bounce Back Loan. This is because the scheme is designed to provide support to as many businesses as possible.
If you have already applied for and received a Bounce Back Loan, you will not be able to apply for a second loan.
**Consequences of Applying for Multiple Loans**
If you attempt to apply for multiple Bounce Back Loans, your applications will be rejected. In addition, you may be subject to penalties, including:
* Repayment of any loans that have been approved
* Interest charges on any loans that have been approved
* A referral to the Fraud Investigation Service
**Alternatives to Bounce Back Loans**
If you are not eligible for a Bounce Back Loan, or if you need more funding than £50,000, there are a number of other financial support measures available to you. These include:
* **Coronavirus Business Interruption Loan Scheme (CBILS)**: This scheme provides businesses with access to loans of up to £5 million.
* **Coronavirus Large Business Interruption Loan Scheme (CLBILS)**: This scheme provides businesses with access to loans of up to £200 million.
* **Recovery Loan Scheme (RLS)**: This scheme provides businesses with access to loans of up to £10 million.
**Conclusion**
The Bounce Back Loan Scheme is a valuable source of financial support for small businesses that have been impacted by the COVID-19 pandemic. However, it is important to note that each business is only eligible for one loan. If you attempt to apply for multiple loans, your applications will be rejected and you may be subject to penalties.
**FAQs**
**Q:** How do I apply for a Bounce Back Loan?
**A:** You can apply for a Bounce Back Loan through a participating lender. You can find a list of participating lenders on the British Business Bank website.
**Q:** What are the eligibility criteria for Bounce Back Loans?
**A:** To be eligible for a Bounce Back Loan, your business must meet the following criteria:
* Be a UK-based business
* Have been trading for at least 6 months
* Have an annual turnover of less than £45 million
**Q:** How much can I borrow under the Bounce Back Loan Scheme?
**A:** You can borrow up to £50,000 under the Bounce Back Loan Scheme.
**Q:** What is the interest rate on Bounce Back Loans?
**A:** The interest rate on Bounce Back Loans is 2.5% per year.
**Q:** How long do I have to repay my Bounce Back Loan?
**A:** You have up to 6 years to repay your Bounce Back Loan.
**Q:** What happens if I can’t repay my Bounce Back Loan?
**A:** If you can’t repay your Bounce Back Loan, you should contact your lender as soon as possible. They will be able to discuss your options with you, which may include extending your repayment period or agreeing to a payment plan.