More than 1.4 million Government-backed loans have now been delivered to businesses affected by the coronavirus pandemic, a major study has revealed.

The figures come after schemes such as the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loans (BBL) were extended in response to the third national lockdown.
Published by HM Treasury, the research also shows that retail, the sector hardest hit by the pandemic, and construction benefitted the most from the Government guaranteed schemes.
The schemes, now extended to at least 31 March 2021, help businesses of all sizes by providing affordable and flexible finance.
The BBL, for example, helps small and medium-sized enterprises (SMEs) to borrow between £2,000 and up to 25 per cent of their turnover (or a maximum £50,000). The Government guarantees 100 per cent of the loan and there won’t be any fees or interest to pay for the first 12 months.
Commenting on the figures, Business Secretary Kwasi Kwarteng said: “These figures show very clearly that we have delivered on the solemn promise we made to support businesses across every part of the UK.
“While there are still tough times ahead, we will continue to offer all the support we can to protect jobs and keep businesses afloat so we can look to not only restart our economy, but build back better from the pandemic.”
The loans form part of the Government’s package of measures designed to support businesses, jobs, and communities affected by Covid-19. This also includes business rates relief, the extended Self Employment Income Support Scheme (SEISS), tax deferrals, the Coronavirus Job Retention Scheme (CJRS) and grants for businesses forced to close.
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