Bounce Back Loan Scheme

(asked on 23rd November 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Government plans to extend the Bounce Back Loan Scheme in response to the additional time businesses have been subject to covid-19 lockdown restrictions.


Answered by
John Glen Portrait
John Glen
Economic Secretary (HM Treasury)
This question was answered on 26th November 2020

The Government launched the Bounce Back Loan Scheme (BBLS) to ensure that the smallest businesses could access loans of up to £50,000 in a matter of just days. As of 15 November, the scheme had supported nearly 1.4 million businesses with facilities totaling over £42 billion.

Originally, the scheme was due to close to new loan applications on 4 November. However, this end date has already been extended twice; initially to 30 November and subsequently to the existing scheme end date of 31 January 2021. This extension ensures that businesses have more time to make loan applications, supporting them through the pandemic.

Furthermore, the Government is continuing to work with lenders and business representatives to introduce a new, successor loan guarantee scheme, set to begin once the existing guarantee schemes (BBLS, along with the Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme) close to new applications. More details around this new scheme will be released in due course.

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Recent Documents related to Bounce Back Loan Scheme

1. Report - Investigation into the Bounce Back Loan Scheme
07/10/2020 - National Audit Office

Found: Business Bank plc Investigation into the Bounce˜Back Loan Scheme HC 860 SESSION 2019˜2021 7 OCTOBER 2020

2. Winter Economy Plan
24/09/2020 - HM Treasury
- View source

Found: Plan Presented to Parliament by the Chancellor of the Exchequer by Command of Her MajestyCP 297September

3. economic support factsheet
05/11/2020 - HM Treasury
- View source

Found: NATIONAL RESTRICTIONS: FINANCIAL SUPPORT FOR JOBS AND BUSINESSES Thursday 5 November Throughout

4. Winter Economy Plan
24/09/2020 - HM Treasury
- View source

Found: PLANWinter Economy Plan Presented to Parliament by the Chancellor of the Exchequerby Command of Her MajestyCP 297September

5. Summary - Investigation into the Bounce Back Loan Scheme
07/10/2020 - National Audit Office

Found: Business Bank plc Investigation into the Bounce˜Back Loan Scheme HC 860 SESSION 2019˜2021 7 OCTOBER 2020

Latest Documents
Recent Speeches related to Bounce Back Loan Scheme

1. Oral Answers to Questions
04/05/2020 - Commons Chamber

1: have had their coronavirus business interruption loan application (a) approved and (b) rejected. [902138] - Speech Link
2: interruption loan scheme to 29,496 businesses. From today, businesses will be able to access our new bounce-back - Speech Link
3: the application for the business interruption loan scheme is too complicated? Will he develop a simple - Speech Link

2. Lockdown: Economic Support
03/11/2020 - Commons Chamber

1: (Urgent Question): To ask the Chancellor of the Exchequer if he will make a statement on economic - Speech Link
2: must also safeguard livelihoods. That is why the Government have provided unprecedented levels of financial - Speech Link

3. Oral Answers to Questions
20/10/2020 - Commons Chamber

1: to provide additional economic support to areas affected by local covid-19 restrictions; and if he will - Speech Link
2: to provide additional economic support to areas affected by local covid-19 restrictions; and if he will - Speech Link
3: to provide additional economic support to areas affected by local covid-19 restrictions; and if he will - Speech Link

4. The Economy
27/04/2020 - Commons Chamber

1: opportunity to update the House on our economic response to the coronavirus. Let me say at the outset that - Speech Link

5. Economy Update
10/11/2020 - Lords Chamber

1: December to control the spread of coronavirus. In response, we are providing significant extra support to - Speech Link
2: and provide certainty and support to people and businesses across the UK. The Bank’s forecast this morning - Speech Link
3: already decided to extend the job retention scheme to December. But people and businesses will want to know - Speech Link

Latest Speeches
Recent Questions related to Bounce Back Loan Scheme
1. Bounce Back Loan Scheme
asked by: Julian Sturdy
16/03/2021
... what assessment his Department had made of the potential merits of extending the zero interest period for Bounce Back Loans from 12 months to 18 months to allow for all covid-19 lockdown restrictions to have been lifted before the first businesses must begin paying interest.

2. Bounce Back Loan Scheme
asked by: Charlotte Nichols
16/03/2021
... what support he is making available to businesses who are unable to access the Bounce Back Loan Scheme as a result of a poor credit rating.

3. Bounce Back Loan Scheme
asked by: Sarah Olney
03/03/2021
... if his Department will extend the bounce back interest free period on loans by an additional six months during the covid-19 outbreak.

4. Bounce Back Loan Scheme
asked by: Neil Coyle
25/03/2021
... what assessment he has made of the effect on businesses of reclaiming Coronavirus Bounce Back Loans from firms that are unable to open until permitted to do so under the easing of covid-19 restrictions.

5. Bounce Back Loan Scheme
asked by: Peter Aldous
30/03/2021
... (ii) long-term viability and (iii) potential repayment ability.

Latest Questions