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 is welcome news for many hard pressed motorsport businesses.