More than 1.6 million firms benefited from government-backed loans to keep them trading and protect jobs and livelihoods during the coronavirus pandemic.
The Treasury’s final monthly update on its emergency loan schemes – the Bounce Back Loan Scheme, Coronavirus Large Business Interruption Loan Scheme, Coronavirus Business Interruption Loan Scheme, and the Covid Corporate Financing Facility – show that more than 1.6 million firms benefited from support to keep them trading and protect jobs and livelihoods.
In total, these schemes have provided almost £180 billion worth of lending to date, supporting over a quarter of businesses in the UK. The CCFF alone has directly supported firms that employ almost 2.5 million people in the UK, including those in the car industry, travel, hospitality, and high street stores.
“I said we would do whatever it takes to protect jobs and livelihoods and that is exactly what we have done,” the Chancellor of the Exchequer, Rishi Sunak, said. “We’ll continue to protect jobs through our new Recovery Loan Scheme – part of our wider Plan for Jobs – as we move out of this crisis.”
Read more about the Treasury’s final data on government-backed loans, including the new Recovery Loan Scheme, here.