Coronavirus Bounce Back Loan Scheme updated with further options

The coronavirus Bounce Back Loan Scheme (BBLS) has recently been updated to provide new options. The recent changes allow businesses to top up existing loans, extend the loan period, make interest-only repayments, or pause repayments. The scheme enables smaller businesses to access finance more quickly during the coronavirus outbreak and helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. The scheme is open to applications until 31 January 2021. If you already have a Bounce Back Loan but borrowed less than you were entitled to, from 10 November you can top up your existing loan to your maximum amount. You must request the top-up by 31 January 2021. Further details here.