Updates from 3 April

The coronavirus business interruption loan scheme for struggling businesses has been revamped.

In addition to the previous offering, it will offer state-backed loans of up to £25 million for larger firms with turnover of between £45m and £500m.

UK Finance said more than 130,000 loan enquiries had been made since the scheme opened, but less than 1,000 had been approved by banks.

In response, the Government will underwrite 80% of these loans to nudge banks into speeding up the provision of these emergency funds.

Banks will also be banned from asking company owners to underwrite loans of up to £250,000 with their own assets, such as property or savings.

Author Name: 
Siobhan