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Loan Extensions Announced In The Winter Economic Plan

A very positive move from the Chancellor ...

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POSTED BY ROGER EDDOWES ON 12/10/2020 @ 8:00AM

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 ...

The Winter Economic Plan has announced some very positive news!

The Winter Economic Plan has announced some very positive news!

copyright: everythingpossible / 123rf

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.

"There will also be interest-only payment periods
of up to six months!"

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.

Until next time ...

ROGER EDDOWES
Business Godparent

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If anything I've written in this blog post resonates with you and you'd like to discover more about anything announced in the Winter Economic Plan, call me on 01908 774320, leave a comment below or click here to ping over an email and let's see how I can help.

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About Roger Eddowes ...

 

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.