On 8 February, the Government announced that businesses which took out COVID-19 bounce back loans will be given greater repayment flexibility.
This includes the borrower now having the option to tailor payments to their individual circumstances through extending loan terms from six years to ten. Borrowers will also be able to defer repayment for a further six months, meaning that loans are repayment free for up to 18 months.
Lenders will begin to reach out to borrowers following these new announcements to discuss the flexibility options available. Borrowers should be contacted no later than three months prior to the first repayment due date.