Just 5,000 businesses get loans despite 300,000 applications

Just 5,000 businesses have got been handed emergency coronavirus loans despite 300,000 applications.

The Government's Coronavirus Business Interruption Loan Scheme promised to help save British business, but fewer than one in 60 have received cash handouts.

⚠️ Read our coronavirus live blog for the latest news & updates

Announced by the Chancellor Rishi Sunak last month, the scheme encourages banks to lend to struggling small businesses with the government covering 80 per cent of the amount.

He promised loans of up to £5m and vowed to do "whatever it takes" to save British business.

Four weeks on from the announcement, just 1.4 per cent of all requests have been dealt with.

Today, Business Secretary Alok Sharma admitted the banks were not moving quick enough.

He said: “I have spent the last couple of days talking directly to some of the largest lenders who are part of this scheme.

“I am very clear to say to them, we need to get money out of the door as soon as possible and they understand that and banks know on this occasion why they have to be part of the solution and they want to be part of the solution.”

Give now to The Sun's NHS appeal

BRITAIN’s four million NHS staff are on the frontline in the battle against coronavirus.

But while they are helping save lives, who is there to help them?

The Sun has launched an appeal to raise £1MILLION for NHS workers.

The Who Cares Wins Appeal aims to get vital support to staff in their hour of need.

We have teamed up with NHS Charities Together in their urgent Covid-19 Appeal to ensure the money gets to exactly who needs it.

The Sun is donating £50,000 and we would like YOU to help us raise a million pounds, to help THEM.

No matter how little you can spare, please donate today here


The Government was bashed by shadow chancellor and Labour MP Anneliese Dodds.

She said: “This is critical for preventing a deeper, longer economic impact from this crisis.”

A British Chamber of Commerce poll has found just 1 per cent of UK firms have successfully accessed the grant.

NatWest, which includes Royal Bank of Scotland, say it had approved 2,500 loans as of Friday morning and is responsible for about half of all loans made under the scheme.

Firms all over Britain earlier revealed their fury after being either refused emergency loans, or left unable to even speak to banks on the phone.

One million firms are set to shut because banks are refusing to give them the loans they need to survive.

With most branches closed, thousands of firms are now struggling to get the cash they were promised just a month before.

Those that are open are then limiting the number of customers that can be in a branch at any one time, making it even harder for people to get the help promised.

Companies struggling to stay afloat have complained they couldn’t get even get through on the phone, and those that did were told the money will take weeks they can’t afford.

Source: Read Full Article