At the height of the Global pandemic in March 2020 the UK government announced the Bounce Back Loan Scheme (BBLS) which allowed UK small businesses to borrow up to £50,000 at a very low interest rate without proof of turnover or even providing personal guarantees. In addition no repayments had to be made for the first twelve months.

Many companies are now reaching their one year limit on their loans and are due to start making repayments however due to the ongoing emergency they may find themselves unable to. The PAYG scheme is providing some respite with options to take a payment holiday or make interest only payments for six months.

However despite this many firms are worried that business has simply not come back and many directors are now worried about their liability. You should be aware that the Government guarantee only comes into effect if the company becomes insolvent. Whilst the company still trades any directors of the firm are liable for the full loan.

We can provide a full range of solutions to help any firm with a Bounce Back loan that now finds itself in difficulty. Please don’t panic - simply contact us ASAP for 100% free, 100% confidential chat.

Contact us today for free advice on how to take the pressure off!