UK businesses have claimed more than £22 billion in Government loans and guarantees to support their cashflow during the coronavirus crisis.
That includes more than £14.18bn in 464,393 bounce-back loans for small businesses, just two weeks after the scheme launched. Bounce-back loans worth 25% of a business’s turnover, up to a maximum of £50,000, have been available since 4 May 2020 with the Government paying the interest for the first 12 months.
Around £7.25bn has been paid out to 40,564 UK-based firms with turnover of no more than £45 million through business interruption loans since the scheme opened on 23 March 2020.
On a smaller scale, large firms with turnover of more than £45m have secured in excess of £590m through coronavirus large business interruption loans. From 27 April 2020, businesses with turnover exceeding £45m are eligible for loans of up to £25m, while firms with turnover of more than £250m qualify for £50m.
Carolyn Fairbairn, director-general at the Confederation for British Industry, said: “The path of the virus is unpredictable, and much change still lies ahead. All schemes will need to be kept under review to help minimise impacts on people’s livelihoods and businesses.
“The greater the number of good businesses saved now, the easier it will be for the economy to recover.”
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