Business Bounce Back Loan (BBL) Solicitors

During the height of the pandemic many businesses found themselves experiencing unexpected and severe cashflow issues which prompted the government to introduce several different business support packages.

One of these packages was a government backed bounce back loan (BBL) which allowed businesses to borrow between £2,000 and £50,000 with no repayment for 12 months and, crucially, no requirement for directors to provide a personal guarantee (PG).

The time to start repayment of these loans has now begun for many and with the removal of other government support schemes such as furlough many companies are now finding that this additional squeeze on their cashflow is causing their business financial difficulties.

What can I do if I’m struggling to repay my business bounce back loan (BBL)?

The following options are open to business owners who are struggling to repay:

• Extend the length of your BBL from 6 years to 10
• Make interest only payments for 6 months
• Request a 6-month payment holiday

What can happen to me if I can’t pay back my bounce back loan?

Depending upon the circumstances, there are likely to be no repercussions personally for you if your company cannot pay back the BBL borrowed providing the money was spent legitimately.

If you are a director of a limited company and are worried about how you are going to pay back your BBL or require advice on whether the manner in which the money advanced was spent was correct we are an SRA regulated law firm employing over 50 experts in this field who can assist you with this.