Government announces new 'Pay As You Grow' loan payback scheme

The government is set to launch a ‘Pay As You Grow’ loan payback scheme to provide flexibility for businesses who took out loans amid the coronavirus crisis.

Speaking to the House of Commons, Rishi Sunak said a "major challenge” of protecting jobs was helping businesses with cash flow.

To support firms with loans to repay, the government is launching a ‘Pay As You Grow’ scheme.

Measures will include:

  • extending the repayment of the bounce back loans from six to 10 years (nearly halving the average monthly repayment)

  • allowing struggling businesses to make interest-only payments or suspend payments entirely for up to six months

More than one million small businesses have received a collective £38bn through the bounce back loan scheme thus far. No business using Pay As You Grow will see their credit rating affected, the chancellor has said.

We will share more information on this as is becomes available.

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