Bounce Back Loans - How they work

I’ve only been trading since 1 February 2020. Will my Bounce Back Loan amount be based on my expected annual turnover?

Update (7 July 2020): We’ve paused lending and our waiting list is currently closed. 

Your Bounce Back Loan amount will be based on your estimated annual turnover for 2020 which we’ll ask you to provide before you accept Tide’s Bounce Back Loan Terms and Conditions and withdraw the funds.

The maximum you can borrow will be 25% of your estimated annual turnover for 2020, up to £50,000.