Those businesses that took out government loans (Bounce Back Loans or Coronavirus Business Interruptions Loans) have been given longer to pay them off.
- Bounce Back Loans repayments have been rebranded as “Pay as you Grow” can now be extended from six years to 10. This would cut monthly repayments by almost
- Coronavirus Business Interruption Loan Scheme lenders are able to extend the duration of loans from the current maximum of six years to 10 years.
- Businesses struggling can decide to make interest-only payments for six months
- Those businesses classed as being “in real trouble” can apply to suspend repayments altogether for six months.
- According to The Chancellor those Businesses who suspend repayments will not see their credit rating fall as a result.
The government is also extending applications Bounce Back Loans (BBLS), Coronavirus Business Interruption Loans (CBILS), Coronavirus Large Business Interruption Loans and the Future Fund until 30 November 2020. Previously, these had been due to close for applications at the end of September