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Did you take out a Bounce Back Loan (BBL) last Spring? If so, you will be contacted by your lender with a reminder that loan repayments will start soon.

The Institute of Chartered Accountants in England and Wales has created a help sheet to enable businesses and their advisers to understand the options available for BBL repayment.

The 100% guaranteed Bounce Back Loan scheme was introduced to help businesses cope during the uncertain period that lay ahead. Following the announcement of the Pay As You Grow scheme last year, businesses will have to decide what to do if they are unable to repay their Bounce Back Loan within the original terms. 

The help sheet examines the following questions and gives information about where businesses and their advisers can seek further advice. 

  • When will your lender contact you to start BBL scheme repayments?
  • What do you need to consider when deciding your BBLS repayment options?
  • How can you reduce interest costs on your BBLS loan?
  • What repayment option is best for you?
  • What protections are available to you? 

To access the help sheet, ‘COVID-19 challenges for business: Bounce Back Loan Scheme repayments’ click here. As ever, please let me know if you have any questions.

About the Author

Martin Johnson Image

Martin Johnson

Partner
With expertise in advising family-owned companies on a range of tax, accountancy and business issues, Martin also has an in-depth knowledge of the automotive and property sectors. In addition, he provides advice on inheritance tax planning and wealth management to owner-managed businesses.  Martin leads the firm in developing its expertise in the buy-to-let sector, advising both residential and commercial property owners on relevant tax and legislation issues.   A further element to Martin’s role is to build Torgersens’ relationships with banks, financial advisors and specialists in commercial and employment law to ensure that the firm’s clients have access to market-leading guidance.  

To get in touch please e-mail martin.johnson@torgersens.com.

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