Bounce Back Loan Scheme’s (BBLS) Pay As You Grow Repayment Plan
FIRST REPAYMENTS SOON DUE – ARE YOURS SET UP AS NEEDED?
The Government has offered increased flexibility for businesses with BBLS loans enabling them to tailor their repayments based on their individual circumstances.
All borrowers should receive identical support under the Pay As You Grow (PAYG) options being offered which are:
- Extending the length of the loan from 6 years to 10 years at the same fixed interest rate of 2.5%.
- Make interest-only payments for 6 months, with the option to use this up to 3 times throughout the loan.
- Pause repayments entirely for up to 6 months. This option is available once during the term of the loan.
Borrowers can use these options individually or in combination with each other.
Borrowers should also be aware that they will pay more interest overall if they use one or more of these options, and the length of the loan will increase in line with any repayment holidays taken.
Speak to your lender to ensure your repayments best suit your business.
MATCH is working hard to keep on top of all the latest news and government support so, as always, feel free to get in touch if you have any queries and we’ll be happy to help.
MATCH Accounting Limited