Businesses that took on debts using the Bounce Back Loan Scheme did so in good faith, to weather the storm while the Government dealt with the pandemic. The Government failed to control and eradicate the virus. It should issue grants to the same value of each loan, effectively clearing them.
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It has been estimated that up to 60% of the loans will become bad debts (https://www.bbc.co.uk/news/business-54432916) costing the country up to £26 billion.
Bounce Back Loans could suffocate the remaining 40%. Businesses will be put at a great disadvantage compared with new startups which do not carry such a burden and prevent them from competing on an international stage.
Businesses put good faith in the Government. The Government can not rebuild the economy without reciprocating this faith.