Any businesses that took out a government Bounce Back Loan to get through the coronavirus pandemic will now have greater flexibility in when and how they repay, it has been announced.
More than 1.4 million businesses originally took out a Bounce Back Loan up to a maximum value of £50,0000. In total, companies borrowed nearly£45 billion from various commercial lenders, with the government covering fees and interest for the first 12 months.
The loans have played a vital role supporting all types of businesses through the pandemic thus far. However, as the crisis has rumbled on into 2021, there is a concern that the... more