Bounce Back Loans

Articles and news on the Bounce Back Loan Scheme that was introduced by the UK government to support businesses during the coronavirus (COVID-19) pandemic.

News

Sole traders face being named if they took out Covid-19 loan

Tribunal could decide this week if the names of 1.7bn small businesses that took out Bounce Back Loans should be made public – leaving sole traders potentially vulnerable to fraudsters

Business Loans

£6bn business loan package arrives this week

Successor to Recovery Loan Scheme will throw small business a lifeline in face of coming recession but will be less generous than before

Business Loans

Government to launch £3bn recovery loan scheme

Replacement recovery loan scheme will offer loans of up to £2m to businesses, backed by a 70% government guarantee in event of default. But small business owners will have to offer personal guarantees first

News

Sunak announces new ‘fraud squad’ to target Covid losses

The government has announced a new £25m taskforce to recover money lost to fraud from the Covid-19 emergency loan schemes

Small Business Banking

Treasury small business loans could be permanent

Treasury in talks with banks about making Government-backed loans to SMEs to help them grow a permanent offer.

News

Businesses struggling to repay £20bn of Covid loans

Accountancy firm Azets says businesses struggling to repay Covid-19 debt may default on £20bn of Covid loans, on top of the £4bn worth of fraud the Government already predicts

News

Banks to get tougher on bounce back loan defaulters

Government removes guarantees from £240m worth of Bounce Back Loans after banks disclose errors in their own vetting procedures

News

Businesses say taxman taking ‘aggressive’ approach

Company directors say HMRC twisting arms to pay overdue tax, combined with landlords wanting rent owed and worry over Bounce Back Loan repayments all add to pressure

News

One third of small businesses are highly in debt

Bank of England expects the number of small businesses that collapse to rise this year as restrictions on winding-up orders are removed

News

Defaults on Bounce Back Loan repayments lower than feared

Estimates show that defaults on Bounce Back Loan repayments will be substantially lower than past predictions have shown

News

Government ‘should write off’ £1.7bn of Covid loan debt

Thousands of small business shopkeepers face collapse because of soaring debt levels incurred during the pandemic

Business Loans

Can I liquidate my company if I have a Bounce Back Loan?

Thousands of small businesses due to start repaying Covid support loans could find themselves unable to make payments. Can you wind up your company if it already has a Bounce Back Loan?