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.
As expected, the government is offering extra support to businesses in response to the increasing threat of a second COVID-19 wave. As the BBL scheme was very successful from the outset, the additional measures will help to ease the pressure on affected businesses.
For more information about the available schemes please see the Winter Economy Plan