Flexible repayment options announced for Bounce Back Loan borrowers

If you have a Bounce Back Loan, the Chancellor has announced repayment flexibilities, with the ability to tailor payments according to your individual circumstances.

Lenders should begin reaching out to borrowers to provide information on repayment schedules and how to access flexible repayment options.

Small and medium-sized businesses can still apply to borrow between £2,000 and up to 25% of their turnover.

The maximum loan available is £50,000. The scheme is open to applications until 31 March 2021.

If you already have a Bounce Back Loan but borrowed less than what you were entitled to, the existing loan can be topped up to the maximum amount. The top-up request must also be made by 31 March 2021.