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:

Delay repayments

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.