While businesses recover from cash shortfalls and adapt to constantly shifting public health measures, the financial health of all sized businesses remains at serious risk. Larger businesses with naturally more cash reserves than smaller businesses are well equipped to withstand the pressures posed by the pandemic, however, the impact is likely to be grave following the withdrawal of government support. The Bounce Back Loan Scheme is due to be replaced by the Recovery Loans Scheme from April 2021, with applications closing later this year.
If your business can no longer stay afloat due to deteriorating financial health, what happens to your Bounce Back Loan debt and will you be held personally liable?
Understanding the Bounce Back Loan …
Read the full article at: https://www.lawyer-monthly.com/2021/04/can-a-covid-stricken-business-walk-away-from-a-bounce-back-loan-debt/