Boost for business as Treasury plans to DOUBLE interest free emergency loans

THE TREASURY are planning to boost business by doubling the interest free loan amount to £50 million.

Ministers are looking at overhauling the emergency loan programmes as firms struggle to stay afloat due to the coronavirus crisis.

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According to Sky News, the change would mean firms applying to the Coronavirus Large Business Interruption Loan Scheme can now get up to £50m.

Available to companies with a turnover of more than £250m, it smashes the previous limit of £25m.

This originally applied to companies with sales of between £45m and £500m, but that figure could also be raised.

Despite the new plans not yet being finalised, they could be announced by the Chancellor Rishi Sunak as soon as next week.

Mr Sunak had unveiled the first bailout plan last month, the scheme encourages banks to lend to struggling small businesses with the government covering 80 per cent of the amount.

Four weeks on from the announcement, just 1.4 per cent of all requests have been dealt with.

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Today, Business Secretary Alok Sharma admitted the banks were not moving quick enough.

He said: “I have spent the last couple of days talking directly to some of the largest lenders who are part of this scheme.

“I am very clear to say to them, we need to get money out of the door as soon as possible and they understand that and banks know on this occasion why they have to be part of the solution and they want to be part of the solution.”

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