Bounce Back Loans & Closed Business
edited 5 September at 10:57AM in Coronavirus support and help
7 replies 327 views
I'm a sole trader and due to covid, I've now decided to close my business and return to full time employment. During Covid I applied for and received a 10k BBL. I have about 8k left to pay. What are my options? Do I still need to pay this off or is it written off? Someone mentioned to me to go Ltd and then close my business down to get out of the BBL. Surely it cant be that simple, otherwise the world would have gone mad for BBL loans during covid and done exactly that. I thought I would ask you guys as I know it cant be that simple. Thanks in advance.
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