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.