This video explains Changes to the Bounce Back Loan Scheme in February 2021 that may benefit those who have already taken out a loan under the Scheme.
Please click on the video or if you prefer you can read the transcript below:
If you have recently taken out a BB loan, there are some helpful changes regarding repayments that you need to know about.
Under the name Pay as You Grow.
It will provide businesses with the following options:
• Extend the length of the loan from six years to 10 at the same fixed interest rate of 2.5%.
• 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. This option is available once during the term of the Bounce Back Loan.
Important to note on this final option is that it means you could exercise that option immediately so that your first repayment could be 18 months after taking out the loan, rather than 12 months.
Hopefully this might makes things a bit easier in the next few months when the loan needs repaying.
As always pick up the phone or email us if you need any further clarification.
Tel: 01704365220
Email: nigel@simplyaccountsonline.co.uk