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<p>As part of the Winter Economy Plan, the Chancellor announced a range of measures
to extend and reinforce the support provided to businesses during this challenging
time.</p><p> </p><p>The Chancellor announced Pay as you Grow options, providing greater
flexibility to help Bounce Back Loan borrowers repay their loans on the terms which
work best for them. In addition, we have since extended the application deadline for
the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business
Interruption Loan Scheme, the Bounce Back Loan Scheme and the Future Fund until 31
January.</p><p> </p><p>The Chancellor also announced our intention to allow lenders
to extend the repayment period for CBILS loans where this is needed up to 10 years.
This is not a blanket extension of the term of CBILS loans. Rather, the change is
to enable lenders to offer an extension of the term as forbearance where a borrower
is in difficulty and could be helped by the extension. We are working to implement
this change as soon as possible and will provide an update in due course.</p>
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