Commons Sense

House of Commons · Written Ministerial Statement

Business Finance Update

11 May 2020 · Department for Business, Energy and Industrial Strategy

Proposed by Alok Sharma Con Reading West

Business & Trade

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The Bounce Back Loans Scheme (BBLS) is launched to support small businesses affected by the coronavirus outbreak.
  • The scheme offers term loans ranging from 2,000 to 50,000 to eligible small businesses.
  • The BBLS will be operational for an initial period of six months and can be extended if necessary.

Issue summary

The statement is about the launch of the Bounce Back Loans Scheme (BBLS) to provide financial support to small businesses affected by the coronavirus outbreak.

Action requested

I am tabling this statement to announce and outline details of the new BBLS, which offers term loans between £2,000 and £50,000 to eligible small businesses. The scheme will be in place for an initial six-month period and can be extended as required.

Key facts

  • Bounce Back Loans Scheme (BBLS) launched on 4 May.
  • Facilitated by the Government-owned British Business Bank.
  • Available to small businesses affected by coronavirus outbreak.
  • Term loans between £2,000 and £50,000 offered by lenders.
  • Initial six-month period with possibility of extension.
  • Government will undertake a new contingent liability.
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