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Business Bounce Back Loan - What If You Genuinely Can't Pay It Back?

🔴 Part 2 of our business bounce back loan series. BBL was launched by Rishi Sunak earlier this year to provide some much needed support to small to medium sized businesses adversely affected by the coronavirus pandemic. The chancellor has introduced some measures to help businesses who will struggle to pay back their business bounce loan or indeed limited company directors and sole traders who will have no choice but to close their company before repaying their BBL. Accounting & Tax Academy Free Membership Site → 🌏 http://aidhanfinancial.com/accounting... ⏱️ Time Stamps: 1:15 - What if I don't pay back the Business Bounce Back Loan? 2:05 - What if I close my company before I pay the Bounce Back Loan? 3:00 - What if I genuinely can't repay the Bounce Back Loan? 4:52 - What happens if I spend the money personally? If you want my & my team's expert accounting and tax help, you can book a discovery call through our website → 🌏 https://www.aidhanfinancial.com/ The broad strokes are that the loan becomes a creditor that your business owes money to. We won't get too much into insolvency on this video but our advice is, if you genuinely are struggling to pay back your loan, speak to the bounce back loan provider at the earliest possible junction to see if an agreement can be made. In our professional opinion these re unprecedented times, and there will be casualties. Many limited companies, sole traders and LLP's will not make it through this pandemic and having an outstanding BBL will be looked upon differently depending on your circumstances. This is especially pertinent if you have used the BBL to pay yourself, as you are well within your rights to do so if you can prove you have used the BBL for 'economic benefit' to your business, as stated in the terms and conditions you will have signed. Rishi Sunak has recently introduced the 'Pay As You Grow' initiative to help the businesses receiving this loan to pay it back comfortably. We will go into more detail about this in the video, but you can apply for a payment holiday after six months, pay interest only payments, as well as other attractive concessions made available to Bounce Back Loan holders. DISCLAIMER All of the information in this video is meant as advice only and is correct as of the date of posting. Especially during the fluid situation that is the COVID-19 pandemic you can expect information to change and often become unreliable as time goes on. Make sure you subscribe for the most up to date information from the Accounting & Tax Academy. ★☆★ OUR MISSION ★☆★ Me & my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success. ★☆★ OUR PHILOSOPHY ★☆★ If you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most. 🔴 DISCLAIMER Our videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement. #rishisunak #bouncebackloan #bbl