Worrying surge in construction firms defaulting on covid loans

A surge in construction companies defaulting on covid loans could signal a wave of future business failures.
The warning comes from accountant Price Bailey after analysing data from lender the British Business Bank following a Freedom of Information Act request.
The Coronavirus Business Interruption Loan Scheme (CBILS) was closed for new applications on 31 March 2021, and businesses were given a 12-month grace period before having to start making repayments, meaning that a large proportion of bo