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1 week ago
Construction news, jobs and contracts
Worrying surge in construction firms defaulting on covid loans
Abstract
The Coronavirus Business Interruption Loan Scheme (CBILS) was closed for new applications on 31 March 2021. Businesses were given a 12-month grace period before having to start making repayments. The default rate in construction is 2.5% – more than twice the default rate of some other sectors, such as arts and entertainment (1.3%) and healthcare. Price Bailey estimates the amount defaulted to be around £350m. The amount defaulting so far across all industries to be about £350million.
