What Happens If I Can’t Pay My Bounce Back Loan?
When the Bounce Back Loan Scheme was introduced during the pandemic, it provided vital support to small businesses across the UK. For many owners and directors, it meant the difference between staying afloat and shutting down completely. Now, as repayments continue and trading conditions remain difficult, a growing number of business owners are facing the […]
Will the bounce back loans bounce back on the taxpayer?
According to figures from the Treasury, businesses in the UK have received approximately £50bn in government assistance. Of this, approximately £34bn has been in the form of “bounce-back” loans. These are loans to small businesses of up to £50K each and backed by a 100% “government guarantee”. Of course, government guarantees aren’t actually secured out […]