Updated: 10th August 2021
The Bounce Back Loan scheme was introduced in March 2020, with the aim of providing businesses easy access to emergency funding during the first wave of the Covid-19 pandemic. Over a million companies took advantage of the scheme in the first four months alone, with this number growing to over two million by the time applications closed to new borrowers. This has equated to more than £47.36bn worth of Bounce Back Loans which now need to be repaid.
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.
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. You can call our expert team for specialist and tailored advice on 0800 644 6080.
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:
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 on 0800 644 6080 for immediate support and guidance with your Bounce Back Loan.