The schemes have provided more than £35 billion to companies

Thanks to various schemes launched by the UK government, over £35 billion has been distributed to over 800,000 companies. And nearly £4bn in loans were awarded to 85,000 companies in the last week. These were the results published by the treasury department.

Around £23.8bn has been provided through the Bounce Back Loans scheme, £9.6bn through the Coronavirus Business Interruption Loan Scheme (CBILS), and £1.6bn to 244 larger companies through the Coronavirus Large Business Interruption Loan Scheme.

“Unprecedented support is being provided.”

Mike Conroy, director of commercial finance at UK Finance, said: “The banking and financial sector has a clear plan to help companies of all sizes overcome these difficult times.”

“The industry recognizes the role it must play and is providing an unprecedented level of support, with £35 billion approved for 830,000 companies through government-backed loan schemes in less than three months.”

“This comes alongside the comprehensive package of measures that the industry has introduced to help businesses access the support they need, including overdraft extensions and capital repayment vacations.”

“It is important to remember that any loan made under government-backed schemes is a debt, not a grant, so companies should carefully consider their repayment ability before applying for it.”

The UK government knew how to handle the situation.

Much has been said in recent days about the consequences that COVID-19 brought to the world economy. Even the most industrialized countries have suffered enormous economic losses, a considerable decrease in jobs, and great social uncertainty.

Although the current outlook seems more hopeful, there are still many doubts about the world economy and the new challenges that countries will face to overcome the damage caused by the pandemic.

The United Kingdom has been one of the countries that have best known how to deal with the Coronavirus crisis. The government has been progressively launching economic measures to minimize the impact that COVID-19 has had on the UK economy.

The Mortgage Payment Holidays Scheme, The Coronavirus Job Retention Scheme, Small Business Bouncing Back Loans Scheme, The Coronavirus Business Interruption Loan Scheme (CBILS), and The Coronavirus Large Business Interruption Loan Scheme are measures that seek to help the population endure this harsh crisis.

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