To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has plans to help small businesses that cannot repay their covid-19 loan debt.
The Government has already taken action to give small businesses the space and flexibility to repay their bounce back loans. Under the Bounce Back Loan Scheme (BBLS), no repayments were due from the borrower for the first 12 months of the loan. The Government also covered the first 12 months of interest payments charged to the business by the lender.
In order to give businesses further support, the Government introduced the “Pay as You Grow” (PAYG) measures, which allow individual businesses to tailor their repayments to their individual circumstances.