The Business Secretary last night issued warnings to UK banks regarding the Coronavirus Business Interruption Loan Scheme:
- The Chancellor along with the Bank of England and Financial Conduct Authority have written to the Chief Executives of the banks to ensure that the benefits of the loan scheme are passed along to businesses and consumers.
- He said – “It is completely unacceptable if any banks are unfairly refusing funds to businesses in financial difficulty. Just as the taxpayer stepped in to help the banks back in 2008 they will work with the banks to do everything they can to repay that favour and support businesses and the people of the United Kingdom in their time of need”
- The Scheme is still in its infancy and Mr Sharma was quick to point out that no scheme is perfect from the outset. However, the government have heard the concerns raised by many businesses trying to access the schemes are they are working to ensure they can access the support that they need.
The Chancellor is due to say more in the coming days on the business support measures announced.
If you or your business are experiencing financial difficulty due to the Coronavirus pandemic, please contact us so that we can work together to find the best outcome. Often advice sought early can be the difference in the success of a rescue plan.