Access a wide range of FAQs and vital guidance; from people & employment law and coping with financial impacts to business continuity and HM Government advice and schemes. Plus, review and book onto a webinar delivering a series of topical advice and opportunities for growth, to help your business evolve and get back to doing business.
Already taken out a Bounce Back loan? Here’s how to extend your interest free period
After 12 months, Bounce Back loan interest rates begin at 2.5% a year. But if you’re eligible for the Coronavirus Business Interruption Loan Scheme (CBILS) and haven’t yet used this service, you can effectively reset your interest free period.
Do this by taking out a CBILS loan and using it (or part of it) to pay back the Bounce Back loan. Get your timings right and you can then begin a new year interest free, beginning from the time you drawdown the CBILS loan.