Bounce back loans extension

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Firms given longer to repay coronavirus loans Rishi Sunak has announced that small firms will be granted more time to repay state-backed loans taken out to help survive the coronavirus lockdown, with the Chancellor saying the move gives companies "breathing space to get back on their feet". The new arrangements will allow those who have utilised the Bounce Back Loan scheme to extend the length of the loan from six years to ten; make interest-only payments for six months; and pause repayments entirely for up to six months. This came as Sam Woods, chief executive of the Bank of England’s Prudential Regulation Authority, said taxpayers faced a "significant loss" from the state-backed loans, warning that as many as half will go bad.

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