If you are struggling to repay your Bounce Back Loan, there are a number of options open to you. Find out what these mean for you and your company.
The Coronavirus Business Interruption Loan Scheme, or CBILS, offered a valuable source of emergency finance for businesses during the coronavirus pandemic back in 2020. With 80% of the loan amount backed by the government, the funding was provided by accredited lenders to businesses with a turnover of less than £45 million.
The government has extended what is effectively a temporary ban on the use of statutory demands or winding up petitions in the context of commercial property leases where tenants cannot afford to pay their rent due to Covid-19.