Over £4.1 billion has now been paid to more than 25,000 businesses under the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS), up from £2.8 billion for 16,624 businesses last week. This is according to the latest data published by UK Finance, the collective voice for the banking and finance industry.
UK Finance said lenders have received a further 27,000 applications that are still being processed. Some of these are expected to be approved over the coming days, while an unknown number have already been declined or didn’t make it past the enquiry stage.
The government has now also added the Bounce Back Loans scheme (BBLS). These 100% government backed loans of between £2,000 and £50,000 for small businesses are due to be made available from 9am on Monday, 4 May and are expected to be a simpler process for businesses wanting smaller loans.