When the Bounce Back Loan was announced at the start of the Coronavirus pandemic, over a million businesses took one out. Now the Government has announced some useful changes to help businesses recover ...
They call it Pay as You Grow, and it gives a lot of flexibility to the repayment system. This includes extending the loan length from six years to a maximum of ten, cutting monthly repayments almost in half.
And businesses can even have payment holidays where absolutely needed. This means that businesses can tailor their repayment schedule, further protecting their employees' jobs and helping the business recover in a more predictable way.
This also applies to the Coronavirus Business Interruption Loan Scheme so the deadline for applications for BBL and CBILS has been extended until the end of November, which means that more businesses will be able to benefit from them when there is a sudden downturn in their income.
The Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, the Bounce Back Loan Scheme and the Future Fund all now have the same end dates thanks to the Chancellor's Winter Economic Plan.
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