Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he is having with representatives of the banking sector on potential further extensions of bounce back loans for businesses.

On the 2^nd November, the Government announced that it would extend the application deadlines on the BBLS to the end of January 2021. This will give businesses two extra months to make loan applications, relative to the previous deadline of 30^th November.

The Government will also adjust the BBLS rules to allow those businesses who have borrowed less than their maximum (i.e. less than 25% of their turnover) to top-up their existing loan. Businesses will be able to take-up this option from next week; where they can make use of this option once.

The Government understands that some businesses didn’t anticipate the disruption to their business from the pandemic would go on for this long; this will ensure that they are able to benefit from the loan scheme as intended.