Even prior to the extension, over 1 million businesses had been supported by the Bounce Back Loan Scheme, many of which have not previously taken out finance. The government has always been clear that these are loans, not grants, but it has also given businesses flexibility in repaying them, by extending the repayment terms to 10 years under the Pay as you Grow initiative, reducing the monthly repayments by almost a half. Under this scheme, we have also given businesses the option to move temporarily to interest-only payments for a six- month period or to pause their payments entirely for six months. For those who choose to use their Pay as you Grow options, the government will ensure their credit files are not adversely impacted.