More than 1.4 million government-backed loans have been distributed to UK businesses, which in addition to furlough, the self-employment income support scheme and business grants, formed part of the government’s unprecedented £280 billion support package to protect jobs during the pandemic.
At the start of winter, the Chancellor announced that more than a million businesses who took out a Bounce Back Loan will now receive further protection from the Covid crisis through flexible repayments, under the new Pay as You Grow system, which gives businesses more time to repay. Since then, the government has extended the loans schemes until March, and given businesses the ability to ‘top-up’ their loans if they need to.
Coronavirus Business Interruption Loan Scheme (CBILS)
| Region | Value of loan offered (£) | Number of loans offered |
| East Midlands | 1,297,778,540 | 5,273 |
| East of England | 1,766,950,464 | 7,460 |
| London | 3,847,934,021 | 12,495 |
| North East | 493,314,081 | 1,994 |
| North West | 1,959,152,472 | 7,563 |
| Northern Ireland | 496,806,683 | 1,501 |
| Scotland | 982,517,603 | 4,144 |
| South East | 2,824,103,231 | 11,260 |
| South West | 1,534,026,632 | 6,416 |
| Wales | 503,355,434 | 2,228 |
| West Midlands | 1,486,023,928 | 6,077 |
| Yorkshire and The Humber | 1,260,361,190 | 5,415 |
| Unspecified | 67,328,939 | 190 |
Bounce Back Loan Scheme (BBLS)
| Region | Value of Loans Offered (£) | Number of Loans Offered |
| East Midlands | 2,684,725,529 | 91,348 |
| East of England | 4,192,234,249 | 137,741 |
| London | 9,946,815,769 | 295,692 |
| North East | 1,249,741,795 | 44,858 |
| North West | 4,512,329,695 | 152,188 |
| Northern Ireland | 1,172,538,374 | 38,181 |
| Scotland | 2,496,404,756 | 86,062 |
| South East | 6,018,627,864 | 199,574 |
| South West | 3,275,798,746 | 116,063 |
| Wales | 1,524,813,850 | 55,094 |
| West Midlands | 3,520,737,158 | 114,715 |
| Yorkshire and The Humber | 2,986,264,487 | 101,197 |
| Unspecified | 62,547,705 | 2,017 |
The government has invested more than £280 billion throughout the pandemic to protect millions of jobs and businesses, including extending the self-employed and furlough schemes through to April to give businesses the certainty they need to plan over the coming months. This includes the £4.6 billion the Chancellor announced last week in one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the spring.
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