43% do not expect to repay Covid loans
According to a survey by the Business Banking Resolution Service, 43% of those who have taken out these Government backed loans say they do not expect to repay them, either because they do not think they will be able to or because they do not think that the Government will pursue the debt (it is, in fact, the bank’s job to do this).
Remember these are loans, not grants. If you have taken out a Bounce Back Loan or a CBILs Loan and do not know how you're ever going to pay it back, you should seek advice now.
Published September 15, 2020