Government support for businesses affected by coronavirus

Government support for businesses affected by coronavirus

Businesses can now access government support to help them continue operating during the coronavirus pandemic.

Two loans have been announced: The Bank of England’s Covid Corporate Financing Facility will provide a quick way of raising working capital for large firms who need it and the Coronavirus Business Interruption Loan Scheme will provide government-backed loans of up to £5 million to small and medium businesses.

A business information campaign has launched to make businesses aware of the support available.

More than £330 billion of loans and guarantees to help firms continue operating will be available for applications from the two schemes.

The Chancellor of the Exchequer, Rishi Sunak, said: “We are working round the clock to do whatever it takes to protect our people and businesses. That means that we are not only taking unprecedented action but doing so at unprecedented speed, because we know that businesses and their employees need help now.

Bank of England Governor, Andrew Bailey, said: “The Bank of England has taken a number of steps in recent weeks to support the UK economy through the economic shock caused by covid-19. 

“A new lending scheme, the Covid Corporate Financing Facility, will open to help businesses manage through this period of uncertainty. Combined with steps taken by the Government, this will help companies through this difficult time and support the needs of the people of this country.”

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