Business & Investment

£ 68bn Coronavirus Loan Taxpayer

Taxpayers helped a staggering £ 68.2bn emergency loan to bring companies to the surface through a pandemic

Taxpayers have helped a staggering £ 68.2bn emergency loan to survive the Covid-19 pandemic and keep the company alive.

The Treasury’s lifeline loan scheme, with government guarantees, encouraged banks to quadruple their business lending in 2020 as desperate companies rushed to borrow cash.

Bailout: Treasury lifeline loan scheme encouraged banks to quadruple business lending in 2020 as desperate companies were in a hurry to borrow cash

The bank lent a total of £ 24.6 billion to 83,293 companies under the Coronavirus Business Suspension Loan Scheme (CBILS) and the larger CLBILS.

These loans come with an 80% government guarantee.

What’s more, lenders have distributed huge £ 43.5 billion in bounce back loans to more than 1.4 million of the country’s smallest companies.

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£ 68bn Coronavirus Loan Taxpayer

https://www.dailymail.co.uk/money/markets/article-9104963/Taxpayers-hook-68bn-coronavirus-loans.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 £ 68bn Coronavirus Loan Taxpayer

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