Small Businesses: Coronavirus

Department for Business, Energy and Industrial Strategy written question – answered on 6th September 2022.

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Photo of Seema Malhotra Seema Malhotra Shadow Minister (Business, Energy and Industrial Strategy)

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.

Photo of Jane Hunt Jane Hunt Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

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.

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