UPDATE - BOUNCE BACK LOANS
Businesses that took out government-backed Bounce Back Loans to get through Covid-19 will now have greater flexibility to repay their loans, the government has announced.
Lenders will proactively and directly inform their customers of Pay as You Grow, and borrowers should only expect correspondence three months before their first repayments are due.
It will provide businesses with the following options:
(1) Extend the length of the loan from six years to ten;
(2) Make interest-only payments for six months, with the option to use this up to three times throughout the loan;
(3) Pause repayments entirely for up to six months.