Closed petition Extend Bounce Back Loan repayment terms

Closed on 5 June 2023

Extend BBLS repayment options to include two more 6 month periods of interest only and a term extension option to 15 years. Further interest only periods should be usable immediately after the current lower payment options expire. Additional interest only periods should be usable consecutively.

Given the current economic crisis, the Treasury should mitigate the effects of the energy crisis and 40 year high inflation on top of post Covid recovery.

The proposed adjustment to the BBLS repayment terms is preferable to allowing an accelerated rate of defaults over and above what we would have had from Covid economic fallout alone.

This saves tax payers money, reduces debt collection burden for banks, lessens the pressure on court systems and helps businesses at a critical time.