Bounce Back Loan Scheme

(asked on 15th December 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with lenders on forbearance measures on Bounce Back Loans in response to the spread of the omicron covid-19 variant.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 5th January 2022

Treasury Ministers and officials meet regularly with a wide range of stakeholders, including representatives of the financial services industry. Details of ministerial and senior officials’ meetings are available online at: https://www.gov.uk/search/transparency-and-freedom-of-information-releases?organisations%5B%5D=hm-treasury&parent=hm-treasury.

To give businesses further support and flexibility in making their BBLS repayments, the Chancellor announced "Pay as You Grow" (PAYG) options which give businesses the option to repay their BBLS facility over ten years. Businesses also have the option to move temporarily to interest-only payments for periods of up to six months (an option which they can use up to three times), or to pause their repayments entirely for up to six months. If borrowers want to take advantage of this option, they should notify their lender when they are contacted about their repayments.

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