UK extends length of coronavirus 'bounce back' business loans to 10 years

The U.K. government has amended certain conditions under the national Bounce Back Loan Scheme, or BBLS, including letting borrowers extend the length of their loans to 10 years from six years previously in order to reduce monthly payment amounts.

Borrowers taking part in the scheme are also allowed to start repayments 18 months from the loans being taken out, up from 12 months, and they need only make one, rather than six, payments before deciding if they need to pause the repayments.

Additionally, borrowers can make interest-only payments for six months at three separate times over the life of their loans.

Banks had approved £44.74 billion of loans to 1.47 million business applicants under the scheme as of Jan. 24.