Chancellor Rishi Sunak has announced changes to proposed government assistance measures, after the initial plans were criticised for failing to cover enough businesses.
Emergency support loans will be made easier to apply for and receive. The government said that more than 130,000 applications had been received, but only 1,000 had so far been paid out.
Previously, small businesses applying for the emergency government loans needed to have been refused a commercial loan. This restriction has now been lifted so all businesses can apply for the government loans.
For larger businesses with revenue between £45m and £500m, there will be an offer of a government-backed loan of up to £25m. Additionally, banks will be banned from asking company owners to guarantee loans with their own savings or property when borrowing up to £250,000.