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1336784
registered interest false more like this
date less than 2021-06-15more like thismore than 2021-06-15
answering body
Department for Business, Energy and Industrial Strategy more like this
answering dept id 201 more like this
answering dept short name Business, Energy and Industrial Strategy more like this
answering dept sort name Business, Energy and Industrial Strategy more like this
hansard heading Business: Coronavirus more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Energy and Industrial Strategy, if his Department will bring forward plans to extend the Coronavirus Business Interruption Loan Scheme and Bounce Back Business Loan Scheme repayment holiday. more like this
tabling member constituency Brighton, Kemptown more like this
tabling member printed
Lloyd Russell-Moyle more like this
uin 16187 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2021-06-21more like thismore than 2021-06-21
answer text <p>We have always been clear that businesses are responsible for repaying any finance they take out. However, we recognise that some borrowers will benefit from additional flexibility with regards to their repayments. That is why we announced the Pay As You Grow measures last year.</p><p> </p><p>Pay As You Grow is designed to provide Bounce Back Loan borrowers more time and flexibility over their repayments by giving them the option to:</p><ul><li>Extend the length of the loan from six years to ten.</li><li>Make interest-only payments for six months, with the option to use this up to three times throughout the loan.</li><li>Take up a six-month repayment holiday. This option is available once during the term of their loan.</li></ul><p> </p><p>Businesses will be able to use these options either individually or in combination with each other.</p><p> </p><p>While the Government covers the interest due on Coronavirus Business Interruption Loan Scheme (CBILS) facilities for the first twelve months, repayments of capital are required during this period unless the lender chooses to grant additional forbearance measures.</p><p> </p><p>CBILS lenders are able to extend the repayment period for CBILS facilities where this is needed, to a maximum of 10 years. CBILS term extensions are offered at the discretion of lenders, and for forbearance purposes only.</p><p> </p><p>The British Business Bank has a range of guidance and resources available to all businesses, including content on managing cashflow and a list of independent advice services. Details can be found at: <a href="https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.british-business-bank.co.uk%2Ffinance-hub%2Fdealing-with-debt%2F&amp;data=04%7C01%7Cbf.hub%40beis.gov.uk%7Ced1b39c0fbaa424e1d6408d930c9aae2%7Ccbac700502c143ebb497e6492d1b2dd8%7C0%7C0%7C637594464989655909%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=3hoKjLhx0mjqZw6idWAk9qd7uJV2QvC%2FhCEv57Yn6Rw%3D&amp;reserved=0" target="_blank">www.british-business-bank.co.uk/finance-hub/dealing-with-debt/</a>.</p>
answering member constituency Sutton and Cheam remove filter
answering member printed Paul Scully more like this
question first answered
less than 2021-06-21T15:22:34.237Zmore like thismore than 2021-06-21T15:22:34.237Z
answering member
4414
label Biography information for Paul Scully more like this
tabling member
4615
label Biography information for Lloyd Russell-Moyle more like this
1256736
registered interest false more like this
date less than 2020-11-30more like thismore than 2020-11-30
answering body
Department for Business, Energy and Industrial Strategy more like this
answering dept id 201 more like this
answering dept short name Business, Energy and Industrial Strategy more like this
answering dept sort name Business, Energy and Industrial Strategy more like this
hansard heading Renewable Energy: Coronavirus more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Energy and Industrial Strategy, what the cost to the public purse has been in loans via the (a) British Business Bank and (b) other lenders to (i) developers and (ii) contractors in the renewable energy industry in response to the effects of the covid-19 pandemic on (A) revenue streams, (B) capital investment and (C) employment costs. more like this
tabling member constituency Brighton, Kemptown more like this
tabling member printed
Lloyd Russell-Moyle more like this
uin 122848 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2020-12-03more like thismore than 2020-12-03
answer text <p>The three Coronavirus Business Interruption loan schemes are administered by the British Business Bank and delivered by accredited lenders.</p><p> </p><p>The cost to Government of the schemes will not be known until the end of the life of the loan schemes. The total cost will also depend on a range of economic factors over the life of the schemes.</p><p> </p><p>The British Business Bank publishes lending figures under the BBBLs and CBILS schemes, including by sector[1] as follows.</p><table><tbody><tr><td><p><strong>BBLS</strong> by Sector</p></td><td><p>Number of BBLS facilities</p></td><td><p>Volume of Finance under BBLS (£)</p></td><td><p>% of BBLS facilities</p></td><td><p>% of business population</p></td></tr><tr><td><p>Mining and Quarrying; Electricity, Gas and Air Conditioning Supply; Water Supply; Sewerage, Waste Management and Remediation Activities</p></td><td><p>7,866</p></td><td><p>251,165,017</p></td><td><p>1%</p></td><td><p>0.6%</p></td></tr><tr><td><p> </p></td><td><p> </p></td><td><p> </p></td><td><p> </p></td><td><p> </p></td></tr><tr><td><p><strong>CBILS</strong> by Sector</p></td><td><p>Number of CBILS facilities</p></td><td><p>Volume of Finance under CBILS (£)</p></td><td><p>% of CBILS facilities</p></td><td><p>% of business population</p></td></tr><tr><td><p>Mining and Quarrying; Electricity, Gas and Air Conditioning Supply; Water Supply; Sewerage, Waste Management and Remediation Activities</p></td><td><p>476</p></td><td><p>139,820,670</p></td><td><p>1%</p></td><td><p>0.6%</p></td></tr><tr><td><p> </p></td><td><p> </p></td><td><p> </p></td><td><p> </p></td><td><p> </p></td></tr><tr><td><p> </p></td><td><p> </p></td><td><p> </p></td><td><p> </p></td><td><p> </p></td></tr></tbody></table><p> </p><p>[1] https://www.british-business-bank.co.uk/coronavirus-loan-schemes-benefiting-businesses-in-all-corners-of-uk-reveals-new-analysis-from-british-business-bank/</p>
answering member constituency Sutton and Cheam remove filter
answering member printed Paul Scully more like this
question first answered
less than 2020-12-03T17:40:54.45Zmore like thismore than 2020-12-03T17:40:54.45Z
answering member
4414
label Biography information for Paul Scully more like this
tabling member
4615
label Biography information for Lloyd Russell-Moyle more like this