Treasury Covid-19 support to businesses hits £50bn

More than £50 billion of loans to businesses hit by Covid-19 have been approved so far, the Treasury said.

This includes, up to August 2, £33.34 billion in bounceback loans for 1,135,575 businesses.

The Government, which is guaranteeing the vast majority of the loans should they not be repaid, added that £13.08 billion has been endorsed through the coronavirus business interruption loan scheme (CBILS) and £3.27 billion through the coronavirus large business interruption loan scheme (CLBILS) to larger firms.

A total of 537 convertible loans have been awarded through the Future Fund, totalling £534 million.

The Government is continuing to support the salaries of 9.6 million workers on furlough through the coronavirus job retention scheme.

The latest HM Revenue and Customs figures up to August 2 show 1.2 million businesses are claiming a total of £33.8 billion.