Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We use cookies to personalise your experience; learn more in our Privacy and Cookie Policy. You can opt out of some cookies by adjusting your browser settings; see the cookie policy for details. By using this site, you agree to our use of cookies.

Chancellor ramps up coronavirus business support

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.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.