Flexibility on Paying Back Bounce Back Loans

More than a million businesses took out Bounce Back Loans. They will get more repayment time through a new Pay as You Grow flexible repayment system.

This includes extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months and payment holidays will also be available to businesses.
 
The Government also intends to give Coronavirus Business Interruption Loan Scheme lenders the ability to extend the length of loans from a maximum of six years to ten years if it will help businesses to repay the loan.
 
The chancellor also announced an extension in applications for the government’s coronavirus loan schemes until the end of November.
 
Further guidance will be issued in due course.
See: https://www.gov.uk/government/news/chancellor-outlines-winter-economy-plan

For related articles head over to our coronavirus and business page for the latest news, guidance and information. 

The Rawcliffe & Co team is available via phone or email Monday to Thursday 9-5pm and 9 – 4:30pm on Fridays.

Tel: 01253 798812
Email: info@rawcliffeco.com