December 3, 2021

Government estimates that between 35% and 60% of BBLs will not be repaid

The NAO says a hundred thousand businesses are already in arrears.

The National Audit Office report into Bounce Back Loans confirms that 90% of the loans made were to micro-businesses with a turnover of less than £632k, and that many of those businesses simply cannot afford to pay their loans back.

The banks are expected to try to recover the loans but they do not want the adverse PR of doing so and they can call upon the government’s guarantee within ‘a reasonable time’. Backbritishbusiness.com is seeking to defend recoveries by the banks thus persuading them that making recoveries from small businesses is too hard so they should rely instead upon the government guarantee.’

Read the full report here.

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