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COVID-19 loans hit total value of £80 billion

Businesses claimed a total of £79.3 billion in government-backed loans designed to support them during the pandemic, restrictions and lockdowns, data published by the Treasury reveals.

Out of 2.35 million applications for the Government's three flagship support loans, 1.67 million facilities were approved, which claimants received between May 2020 and May 2021.

The most valuable and popular scheme was the bounce-back loan scheme, which offered government-backed loans from £2,000 up to 25% of a business's turnover up to a maximum of £50,000.

Especially popular among SMEs and micro businesses, its value reached £47.36bn between 1.56m businesses.

Meanwhile, £26.39bn went to small businesses with a turnover of less than £45m through the coronavirus business interruption loan scheme.

A total of £5.56bn went to 753 larger businesses with a turnover of over £45m through the coronavirus large business interruption loan scheme.

The data published by the Treasury does not include amounts loaned through the recovery loan scheme, which will be published by the British Business Bank "in due course" and is open to applications until 31 December 2021.

The recovery loan scheme offers up to £10m to businesses that can show they would be viable if it were not for the pandemic and that they have been adversely affected by the pandemic.

Get in touch with us to talk about the recovery loan scheme.