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Bounce Back Loan Support
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Bounce Back Loan advice for UK businesses
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:
- What is a Bounce Back Loan? – If you have taken out this type of borrowing, it is important to understanding exactly what a Bounce Back Loan is and what they were designed to achieve.
- Bounce Back Loans and personal liability - It is important to understand whether you could face personal liability for the remainder of your Bounce Back Loan should your company be unable to keep up with the agreed repayments.
- Problems repaying Bounce Back Loan – If your company is finding itself in an increasingly distressed state, you now find yourself unable to repay your Bounce Back Loan. If you find your company in this position, it is vital you seek expert help and advice as a matter of urgency. It may be possible to renegotiate the terms of the loan or enter into negotiations with other creditors to free up the necessary cash flow.
- Write off Bounce Back Loan – We are speaking to an increasing amount of company directors wanting to know whether they can write off a Bounce Back Loan if they know their company is simply unable to repay it in full.
- Using Bounce Back Loan to pay tax bills – Company directors were given the freedom to use the loan in whatever way would help their company survive. For some this was paying rent and overheads, for others it was keeping up to date with their tax obligations. There are rules surrounding misuse of Bounce Back Loan funds and it is important you know what you can and cannot spend this money on.
- Banks and Bounce Back Loans - Understand what options your bank will give you when it comes to extending, topping up, or taking a payment holiday on your existing Bounce Back Loan.
- Extending your Bounce Back Loan - You are now able to extend the repayment term of your Bounce Back Loan. This will allow you to repay the money borrowed over 10 years rather than 6. Before extending your Bounce Back Loan, you should weigh up the pros and cons of doing this as there are significant financial implications.
Can’t pay CBILS or Bounce Back Loan?
Don't worry - there are thousands of other company directors in the same position. If you are struggling to keep up with your Covid loan repayments, speak to a member of the Real Business Rescue team to discuss your options. It's Free & Confidential.
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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.
Need to speak to someone?
If your company is struggling with unmanageable debts, squeezed cash flow, or an uncertain future, you are far from alone. We speak to company directors just like you every single day, and we are here to give you the help and advice you need.
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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.
Further Reading on Bounce Back Loan Support
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