COVID Business Support Loans In UK Reach Almost £80B
Law360, London (July 6, 2021, 2:30 PM BST) -- The financial services sector has provided almost £80 billion ($111 billion) in government-backed lending schemes to prop up businesses hit by the pandemic in just over a year, HM Treasury figures published on Tuesday show.
More than 1.6 million loans were approved between April 2020 and May 2021, the Treasury said.
Most of the loans were handed to programs for small and midsized companies. Some £47 million was allocated under the so-called Bounce Back Loan Scheme and another £26 billion was provided under the Coronavirus Business Interruption Loans program, the government said.
Both projects closed to new applicants at the end of...
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