December 17th, 2020.


Writing off the £42bn worth of Bounce Back Loans that have been issued to small businesses is going to be more effective in the long-run than chasing debts which will never be repaid.

So says accountancy association the AAT, responding to the withering assessment of MPs investigating the Bounce Back Loan Scheme (BBLS).

Nearly two thirds of Bounce Back Loans, designed to help small businesses survive Covid-19, may never be repaid, according to the government’s own figures. That would leave the taxpayer staring at a loss of £26bn.

Writing off the entire £42bn worth of Bounce Back Loans would save the government £1bn in interest payments alone paid to banks while they chase bad debtors, and free up banks not to waste time working with costly debt recovery agencies.


For the full story at smallbusiness.co.uk CLICK HERE.