{"id":35357,"date":"2023-01-17T17:21:37","date_gmt":"2023-01-17T17:21:37","guid":{"rendered":"https:\/\/newsblogsnew.ihbc.org.uk\/?p=35357"},"modified":"2023-01-17T17:21:37","modified_gmt":"2023-01-17T17:21:37","slug":"thousands-of-construction-firms-default-on-covid-loans","status":"publish","type":"post","link":"https:\/\/newsblogs.ihbc.org.uk\/?p=35357","title":{"rendered":"Thousands of construction firms default on COVID loans"},"content":{"rendered":"<h3><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-27199\" src=\"https:\/\/newsblogs.ihbc.org.uk\/wp-content\/uploads\/2020\/08\/pound_red_cut_through-201x300.png\" alt=\"\" width=\"66\" height=\"99\" \/>The number of construction companies defaulting on their COVID loans has risen sharply, Construction News has revealed.<\/h3>\n<h6><em>image: for illustration<\/em><\/h6>\n<p><!--more--><\/p>\n<p><em>Construction News<\/em> writes:<\/p>\n<p>Data obtained under the Freedom of Information Act shows that nearly 40,000 construction firms had defaulted on their bounce-back loans up to the end of October, amounting to 15 per cent of all such loans issued to the sector.<\/p>\n<p>Another 679 building companies defaulted on the higher-value Coronavirus Business Interruption Loan Scheme (CBILs)&#8230;<\/p>\n<p>The construction sector received 17 per cent of all CBILs loans when the scheme was operational. In total, 14,688 loans were issued to building firms, worth \u00a34bn.<\/p>\n<p>Bounce-back loans were smaller loans worth up to \u00a350,000. A total of 260,912 were issued to construction companies, worth \u00a37.68bn.<\/p>\n<p>Commentators said the rising number of defaults reflected the strain on contractors\u2019 cashflow&#8230;<\/p>\n<p><a href=\"https:\/\/www.constructionnews.co.uk\/financial\/thousands-of-construction-firms-default-on-covid-loans-14-12-2022\/\" target=\"_blank\" rel=\"noopener\">Read more&#8230;.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of construction companies defaulting on their COVID loans has risen sharply, Construction News has revealed. image: for illustration<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-35357","post","type-post","status-publish","format-standard","hentry","category-sector-newsblog"],"_links":{"self":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/35357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35357"}],"version-history":[{"count":1,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/35357\/revisions"}],"predecessor-version":[{"id":35358,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/35357\/revisions\/35358"}],"wp:attachment":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}