Small Businesses: Government Assistance

(asked on 7th September 2020) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what plans he has to provide support to businesses in the first quarter of 2021 when deferred payments and initial loan repayments become due.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 15th September 2020

The Government has provided a comprehensive package of support to help businesses that have been affected by Covid-19. This package includes the small business grants, the coronavirus loan schemes, the Coronavirus Job Retention Scheme, as well as deferral of income tax payments.

The Government will continue to work closely with local authorities, businesses, and business representative organisations to understand the impact of Covid-19 on businesses. This will include consideration of how payments for deferred VAT and loan repayments will impact businesses from March 2021.

We are developing a consistent industry-wide approach to the collections and recoveries of Bounce Back loans. This will ensure that lenders understand the full range of support they can provide to borrowers struggling to repay their loans.

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