Business: Coronavirus

Treasury written question – answered on 31st March 2020.

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Photo of Barry Sheerman Barry Sheerman Labour/Co-operative, Huddersfield

To ask the Chancellor of the Exchequer, what steps he is taking to support businesses that do not bank with a member of the British Bank Scheme during the covid-19 pandemic.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government has announced an unprecedented support package to help businesses through this challenging time.

For larger businesses, this includes the new Covid Corporate Financing Facility (CCFF), which will provide additional help for firms facing cash flow disruption.

For small and medium-sized businesses (SMEs), the Coronavirus Business Interruption Loan Scheme (CBILS) will provide Government-backed finance of up to £5m per business, helping SMEs who risk becoming unviable during this period. The scheme launched on Monday 23 March, and is being offered by a wide range of lenders. The British Business Bank (BBB) administer the scheme on behalf of Government, and are working with new lenders who wish to offer this scheme.

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