Borrowers of Bounce Back loans given six more months for repayments

Businesses that took out government-backed Bounce Back loans to get through the coronavirus (COVID-19) pandemic will now have greater flexibility to repay their loans, the government has announced.

Call 0151 342 6405 or email post@duftonkellner.co.uk

Businesses that took out government-backed Bounce Back loans to get through the coronavirus (COVID-19) pandemic will now have greater flexibility to repay their loans, the government has announced.

The Pay as You Grow repayment flexibilities now include the option to delay all repayments for a further six months. This means businesses can choose to make no payments on their loans until 18 months after they originally took them out.

Pay as You Grow will also enable borrowers to extend the length of their loans from six to ten years, which reduces monthly repayments by almost half.

They can also make interest-only payments for six months to tailor their repayment schedule to suit their individual circumstances.

The Pay as You Grow options will be available to more than 1.4 million businesses which took out a total of nearly £45 billion through the Bounce Back Loan Scheme (BBLS).

The Chancellor of the Exchequer, Rishi Sunak, said: 'Businesses are continuing to feel the impact of extended disruption from COVID-19, and we're determined to give them the backing and confidence they need to get through the pandemic.

'That's why we're giving Bounce Back loan borrowers breathing space to get back on their feet, through greater flexibility and time to repay their loans on their terms.'

Have we convinced you?

Please get in touch via phone, email, chat or our quick contact form.

We offer FREE initial consultations, simply contact us to find out more.

ICAEW
About our team

We're passionate about one thing - transforming businesses in Wirral and the surrounding areas. Owner-managed businesses, not large PLCs...

Learn more

Latest news
Contact Details

Please call:
0151 342 6405

Dufton Kellner, Barnston House, Beacon Lane, Heswall, Wirral, Merseyside CH60 0EE

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2021 Dufton Kellner. All rights reserved. powered by totalSOLUTION

Dufton Kellner, Wirral Accountants
We use cookies on this website, you can find more information about cookies here.