The Bounce Back Loan is designed to inject much needed cashflow to businesses to get the cogs of the economy moving again. If your limited company cannot bounce back, and has to close down, what happens? Well, usually bank borrowing is underpinned by a director’s personal guarantee which results in you having to repay the debt, when you’ve just lost your income. Ouch!
The BBL is different. As a director, you DO NOT give a personal guarantee to repay the debt. So, if your business doesn’t bounce back, and has to close, you are personally NOT responsible for the debt. This is not normal, but is GREAT NEWS for directors; you are not personally at risk.
The workshop highlighted the statistics and the practical steps that can be taken to help protect your future, and accumulating too much of the wrong kinds of debt
- Whilst you cannot predict the future, you can prepare for it
- What is the #BounceBackLoan and how you could benefit from it?
- Who is eligible for the Bounce Back Loan?
- What are the risks of taking on (more) debt?
- Insights into the Application process?
If you need more information on the bounce back loan visit our earlier post below.
We have uploaded 2 downloadable Factsheets onto our Covid19 Business Hub on our website for both Companies and Self Employed providing information on what you can do to help your business through these uncertain times
HB Accountants are accountants for business – we are working hard helping our clients’ to make the right decisions for their business.
Latest blogs from HB Accountants
- What the Chancellor’s ‘Winter Economy Plan’ actually means for your business
- The Cycle to Work Scheme – A healthy, green & tax-saving initiative
- Claim your £1,500 Kickstart Scheme grant
- Shout out to Payroll!
- The benefits of cloud-based accounting systems for SMEs
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above