The Government announced that those that took out ‘Bounce Back Loans’ will now be able to pay back over ten years rather than six. There will also be the option to have interest-only periods of up to six months and payment holidays.
For those that accessed the Coronavirus Business Interruption Loan Scheme, lenders will be able to extend the length of loans from a maximum of six years to ten years, if it will help businesses to repay the loan.