My Company Cannot Afford To Pay Back Its Bounce Back Loan
When the COVID-19 pandemic started in 2020, the UK government quickly introduced Bounce Back Loans. These were designed to help companies get through the difficult time and get back on their feet. The take-up was massive, but not all Bounce Back Loans resulted in businesses continuing successfully. Lenders were not allowed to take security or personal guarantees and in the event of non-payment, the government agreed to reimburse the lender.
For some companies, the additional burden of Bounce Back Loan repayments has put them in a difficult financial situation, especially in cases where there has been no recovery of trade to keep the company going. There are several financial options that may be available to support your business, and you should contact us as soon as possible to discuss how you can move forward.
At Company Insolvency Advice, we will work with you to understand your current financial situation and how your Bounce Back Loan was used, in order to provide you with accurate advice. It may be possible to restructure your repayments or to secure more time to pay. It is important to contact us as soon as you notice that there is a problem, as there may still be time to rescue your business before it faces insolvency.
Our discussions are always fair and honest, and we work hard to your business’ position and its needs so that we can offer the best advice. We offer directors of limited companies a realistic view of their options so that they can feel confident in moving forward and resolving these challenges.