Bounce Back Loan | repayments delayed by another six months!
Rishi Sunak has expanded the Bounce Back Loan Scheme’s (BBLS) Pay As You Grow repayment plan.
Businesses can delay repayments for a further six months and extend their loan term:
Originally you had to start repaying your loan 12 months after taking it out. You can now extend this another 6 months – i.e. start repaying it after 18 months rather than 12.
Extend loan term
Also, you can extend the loan repayment period from its original 6 years, to 10 years.
All options summary
In summary, all businesses will be offered the following options by their lender:
- Extend the length of the loan from six years to ten
- Make interest-only payments for six months, with the option to use this up to three times throughout the loan
- Pause repayments entirely for up to six months
Talk to the Bank you took your bounce back loan out from to organise any of these changes.