Government data suggests that UK companies have borrowed over £47 billion via Business Bounce Back Loans (BBL) and over £26 billion via Coronavirus Business Interruption Loans (CBIL) since the start of the pandemic.
As we are aware, many businesses were forced to close or downsize their operations due to Covid-19. To support the economy, the UK government launched the Bounce Back Loan (BBL) and Coronavirus Business Interruption Loan schemes (CBIL) in early 2020.
However, the National Audit Office recently estimated that at least a third of BBL may be defaulted, whilst The Department for Business estimated fraudulent loans accounted for nearly £5bn, suggesting the impact of the schemes will be felt for many years to come.
To get a better understanding of businesses’ views on the BBL and CBIL schemes, Savanta asked nearly 3,000 businesses, from start-ups right up to £1 billion turnover companies:
When do you expect to start paying back your BBL/CBIL and how concerned are you about your business’s ability to pay back?
Our report covers:
- Rise in loan applications
- Take up of BBLs versus CBILs
- Impact on loan approval levels
- Ability to pay back BBLs and CBILs
Click here for the full report and find out how the BBLs and CBILs aftermath has effected businesses in the UK.