Bounce Back Loan

Spotjazzmad2

I applied for the Bounce Back Loan in May, but entered 25% of my INCOME, instead of TURNOVER - therefore receiving only a 3rd of what I am entitled to sadly.  When I heard a top up was available I was really pleased but now I am being told by Lloyds bank that any top up is based on my original turnover I entered.  This seems very unfair, given that the proof of turnover is in my bank account? Lloyds have said the Government may adjust the rules for people like myself who have entered the wrong turnover.  Is this going to happen or am I living in hope?  As a business impacted, I am quite upset and disappointed with the situation....thank you in advance for any advice or support. 

Jeremy535897

So far there is no indication from the banks that this particular error can be corrected. It is something you could raise with your MP.

debthelp1

Spotjazzmad2 said:

I applied for the Bounce Back Loan in May, but entered 25% of my INCOME, instead of TURNOVER - therefore receiving only a 3rd of what I am entitled to sadly.  When I heard a top up was available I was really pleased but now I am being told by Lloyds bank that any top up is based on my original turnover I entered.  This seems very unfair, given that the proof of turnover is in my bank account? Lloyds have said the Government may adjust the rules for people like myself who have entered the wrong turnover.  Is this going to happen or am I living in hope?  As a business impacted, I am quite upset and disappointed with the situation....thank you in advance for any advice or support. 

Can anyone confirm this is the case? 
I am in a similar boat and was hoping to top up 

MattMattMattUK

debthelp1 said:

Can anyone confirm this is the case? 
I am in a similar boat and was hoping to top up 

The top up is only for those who did not borrow up to their maximum permissible amount the first time, based on the figures submitted with the original application. There is no provision in the amended legislation or guidance and rules from the British Business Bank to amend the figures submitted.