On 8 February 2021, the government announced additional flexibility in repaying Bounce Back Loans:
- borrowers will be able to individually adjust their Bounce Back Loan payments
- all repayments can be delayed for additional 6 months. This allows the borrowers not to make any payments until 18 months from taking the loan. Initially this option could have been used after making the first 6 payments
The following options, introduced last year, still apply:
- borrowers can extend the length from 6 to 10 years. This means that the monthly repayments can be reduced by nearly 50%
- repay interest only for up to 6 months (this option can be used up to three times)
For more information about the scheme please see the government’s website.