Bounce Back Loans

Bounce back loan solutions

Bounce Back Loans were introduced by the Government to help companies who were struggling due to the impact of the Covid Pandemic on their businesses.  Although the loans provided immediate financial relief for many companies they have resulted in many companies being burdened with debts which they are struggling to repay.

The good news is that in the vast majority of cases, directors will not have any personal liability to repay Bounce Back Loans. The loans were provided to companies without any requirements for directors to provide personal guarantees.

Bounce Back Loans had to be used for the purposes they were provided for which means that the loans had to be used by the company to operate the business of the company. If the company’s directors used Bounce Back Loans for personal use rather than for the benefit of the company the directors could be personally liable to repay the loans.

It is important to note that the directors will only risk becoming personally liable to repay Bounce Back Loans if the company becomes insolvent and ceases to repay the loans.

If you are worried about being required to repay a Bounce Back Loan, talk in confidence to a member of our team. We will give you straightforward confidential advice and help you make the decisions which are right for you.