Government lends British business more than £22 billion under coronavirus schemes

19 May 2020, 10:45

The Chancellor Rishi Sunak launched the scheme in the Commons
The Chancellor Rishi Sunak launched the scheme in the Commons. Picture: PA
EJ Ward

By EJ Ward

British companies have been lent more than £22 billion under three Treasury schemes to support businesses during the coronavirus pandemic.

So far £14.2 billion has been lent in bounce back loans, £7.3 billion under the coronavirus business interruption loan scheme (CBILS) and £590 million as part of the CLBILS scheme, which is for larger businesses.

It comes as eight million jobs have been furloughed, with £11.1 billion claimed so far under the Government scheme that guarantees to pay 80% of an employee's salary.

A further two million have claimed self-employment income support for £6.1 billion.

Read more: Prince Charles urges furloughed workers to 'pick for Britain'

Meanwhile, the Government has extended the size of loans available to large businesses who have been impacted by coronavirus.

The Treasury said that firms will now be able to receive up to £200 million from CLBILS loans, which previously had a maximum pay-out of £50 million.

It said that loans under the expanded scheme will be made available to firms from next week.

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John Glen, the economic secretary to the Treasury, said: "We're determined to support businesses of all sizes throughout this crisis and our loans and guarantees have already provided over £32 billion to thousands of firms.

"Today we're increasing the maximum loan to £200 million to make sure companies get the help they need."