We understand businesses may be worried about the impact of coronavirus (COVID-19). We want to reassure our business banking customers that we’re here to help you with any financial concerns you may have.
We are participating in both the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS) to support business customers who are impacted by the pandemic. It is important to know that we’re currently unable to accept new applications for either of these schemes from new customers.
For CBILS we are only able to support TSB Business Current Account customers who have had an account with us before 23 March 2020 – only qualifying existing business account customers will be able to apply for a CBILS overdraft. CBILS will close to applications on 31 March 2021. Visit TSB CBILS to find out more.
For BBLS we are only able to provide support if you are an existing TSB Business or Personal Current Account customer, your TSB account was open by 11 May 2020, you were using the account for your day-to-day business banking needs and you meet the scheme eligibility criteria explained on our BBLS page. This scheme will close to applications on 31 March 2021. Find out more on our BBLS page here.
You are not able to have both a CBILS overdraft and a Bounce Back Loan at the same time, and you cannot have more than one Bounce Bank Loan. But you may be able to transfer your CBILS overdraft to a BBL until 31 March 2021, we will provide more information in due course, and will be subject to status.
We are expecting the Bounce Back Loan Scheme to be extremely popular and we will process your application as soon as we possibly can, but please bear with us during this extremely busy time.