The Coronavirus Business Interruption Loan Scheme (CBILS) introduced the same time as Bounce Back Loans provided larger firms with the opportunity to take out loans with the government guaranteeing up to 80% up to £5 million.

Lenders could ask security for the loans though where the amount is less than £250,000 personal guarantees would not be asked for. For loans above £250,000 security was required although the personal guarantees remained at the discretion of the lender.

As with Bounce Back Loans the Uk Government covered the first year of interest payments and any lender charges. Many firms who took out the larger loans are also now facing similar issues with being unable to make repayments.

Again we have a range of legal solutions that can help company directors please contact us ASAP.