The Bounce Back Loan length has been extended from 6 to 10 years. This means that the monthly repayments can be reduced by nearly 50%.
Additionally, the greater flexibility allows the businesses to:
- repay interest only for up to 6 months (this option can be used up to three times)
- take payment holidays for up to 6 months (this option can be used once after making the initial 6 payments)
The possibility to apply for a Bounce Back Loan and other government coronavirus loan schemes, has been extended to the end of November.