What is my liability under the Bounce Back Loan Scheme (BBLS)?

Your business is liable for the full loan amount plus interest, as the Government’s guarantee is to the lender, not the business.
If you miss four contractual payments (i.e 90 days late from the date of your first missed repayment) then we will need to default the loan.
Defaulting a loan is a last resort for us, as this will affect your business’s credit rating.
However, we will stay in contact with you throughout this period to help you manage the arrears, and we will explore all other options with you before reaching this stage.
If we do have to default the loan, we will seek full repayment of outstanding principal and contractual interest from the business.

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