Bounce Back Loan: Update
The Treasury is advising banks that operate the Bounce Back Loan scheme to offer a more flexible approach when repayments are due to be made.
Pay As You Grow (PAYG)
The new conditions, called the Pay As You Grow approach, offer the following concessions:
To extend the length of the loan from six years to ten tears.
Allow borrowers to make interest-only payments for six months, with an option to use this facility up to three times throughout the loan.
Pause repayments entirely for up to six months.