Bounce Back Loan term extended

Pound signThe 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.

Diana Florea - JP Rata

 

For more information about the available schemes please see the Winter Economy Plan

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on whatsapp

Other Insights

Super-deduction

You will be able to claim a deduction from your corporation tax bill if you invest in new productivity enhancing plant and machinery. The expenditure

Read More »

March 2021 Budget

The 2021 budget delivered a number of new grants, extensions to most of the existing schemes and the promise of tax rises in the future.

Read More »

This website uses cookies to ensure you get the best experience on our website.