It’s now been over 12 months since the Bounce Back Loan Scheme (BBLS) was introduced so most likely you will have heard from your bank regarding starting to repay the loan.
The Chancellor introduced his Pay As You Grow scheme earlier this year to all 1.4 million businesses that took advantage of the BBLS. This scheme allows businesses to:
- Extend the length of the loan from six to ten years
- Make interest-only payments for six months, with the option to use this up to three times throughout the loan
- Pause repayments entirely for up to six months
The option to pause repayments is available to all from their first repayment, rather than after six repayments have been made as was originally set out.
To apply for any of the Pay As You Grow schemes the lenders have tried to make it as simple as possible, most can be administered online in a matter of minutes through internet banking, others may require a phone call.