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Company directors and sole traders should seek advice if they are having any concerns over Bounce Back Loan repayments. The COVID-19 support scheme was launched by the government to help businesses through the pandemic and beyond but for many, bouncing back has been exceptionally difficult.
While Bounce Back Loans were a lifeline to many companies at the height of the Covid-19 pandemic, they are now being increasingly seen as a source of financial frustration as repayments add yet another monthly outgoing to already stretched cash flows.
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If you are experiencing difficulty when it comes to repaying your Bounce Back Loan, rest assured, you are far from alone. In fact, there are fears that half of those who took out these loans will be unable to repay them.
It is vitally important that you seek expert help and advice if you believe you are going to have problems keeping up with the repayments on your Bounce Back Loan. Real Business Rescue are here to help you understand your options and plot a route forward.
In the meantime, our Bounce Back Loan Support Hub is packed full of helpful articles to help you understand your position when it comes to your outstanding Bounce Back Loan:
“Called for help with closing non-trading companies and Chelsea advised me on what to do and instead of taking advantage as others would by taking on the case and charging loads. She gave me a solution that would cost £20. Very pleased with the service and thankful for Chelsea’s advice.”
AB
Due to the scale of potential losses, the government - who provided security for each and every Bounce Back Loan - is facing huge pressure from taxpayers to ensure as much money is recovered as possible. As a result, banks are being asked to take a hard line with those who attempt to strike off the company with an outstanding Bounce Back Loan, and legislation is being rushed through to trigger investigations into those companies that do successfully manage to have their business struck off while leaving an unpaid balance on their Bounce Back Loan.
With options for closing a company with an outstanding Bounce Back Loan reduced, it has never been more important to take expert help and advice when it comes to winding up your business. Call our experts today for immediate support and guidance with your Bounce Back Loan.
Still unsure whether liquidation is right for your company? Don't worry, the experts at Real Business Rescue are here to help. Our licensed insolvency practitioners will take the time to understand the problems your company is facing before recommending the best course of action going forward based on your own unique circumstances.
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