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1/ This morning I'm taking further action to support firms affected by the coronavirus crisis by bolstering business interruption loans for small businesses and announcing a new scheme for larger companies. https://www.gov.uk/government/news/chancellor-strengthens-support-on-offer-for-business-as-first-government-backed-loans-reach-firms-in-need
2/ More than £90 million of loans to nearly 1,000 small and medium-sized firms have already been approved under the Loan Scheme since its launch last week.
3/ To maximise the support available, I'm extending the CBILS so that all viable small businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time.
4/ We're also stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals. We will continue to cover the first twelve months of interest and fees.
5/ Meanwhile the new Coronavirus Large Business Interruption Loan Scheme ensures more firms are able to get government-backed support. It provides a government guarantee of 80% for banks to make loans of up to £25million to firms with an annual turnover of between £45-£500million
6/ This is a national effort and we’ll continue to work with the financial services sector to ensure that the £330 billion of government support, through loans and guarantees, reaches as many businesses in need as possible.
