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Written question asked by Seema Malhotra (Labour) on Wednesday, 20 July 2022, in the House of Commons. It was due for an answer on Monday, 5 September 2022. It was answered by Jane Hunt (Conservative) on Tuesday, 6 September 2022 on behalf of the Department for Business, Energy and Industrial Strategy.

Bounce Back Loan Scheme

Question

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to (a) prevent small businesses from defaulting on their bounce back loans and (b) support businesses that are in arrears.

Answer

The Government has already taken action to give small businesses the space and flexibility to repay their bounce back loans through our “Pay as You Grow” measures.

These measures give all businesses that borrowed under the Bounce Back Loan Scheme (BBLS) the option to repay their loan over a period of up to ten years, as well as the option to move temporarily to interest-only payments for periods of up to six months, or to pause their repayments entirely for up to six months.

Further support is available through the Recovery Loan Scheme, which supports small and medium sized businesses to access the finance they need to grow and invest. Loans are available through accredited lenders.

Secondary information

Type
Written question
Reference
40788
Session
2022-23
Subjects
Arrears Government assistance Small businesses Bounce back loan scheme
Link
View this Written question on www.parliament.uk