UK businesses have received over £80 billion in COVID-19 business support as shown in final COVID loans data. According to the HM Treasury, over 1.67 billion loans have been provided supporting businesses of small and large sizes across the UK. Schemes overseen by government-owned British Business Bank (BBB) include the Coronavirus Large Business Interruption Loans and Future Fund, which have helped larger manufacturers and exporters throughout the ongoing COVID-19 situation. Other businesses have also been backed by other schemes such as furlough, the Recovery Loan Scheme and VAT relief. The new Recovery Loan Scheme, which opened in April has been providing financial support to businesses as they recover and grow following the pandemic. It is due to run until the end of this year, 31 December 2021.
Chancellor Rishi Sunak said: “We promised to stand by businesses at every stage of the pandemic and we have delivered on that promise. I am proud of the extraordinary extent of support we’ve offered since March last year – we will continue to back businesses and protect people’s jobs as we recover from coronavirus.”
