The latest Treasury figures show that £45bn of government-guaranteed loans has been approved to support over one million businesses in the UK, during the Covid-19 pandemic.
As of July 5, the Bounce Back Loan Scheme (BBLS) has helped just over one million small and micro businesses across the UK gain access to £30.9bn, to help absorb the economic shock. According to the data, there are over 200,000 businesses that applied for the BBLS, but are either yet to be approved, may have been rejected or withdrew their application.
The Coronavirus Business Interruption Loan Scheme (CBILS) has also provided £11.49bn in funding to small and medium-sized businesses in the UK. While 107,309 businesses applied, less than half (53,536) have been approved for the loan as of July 5.
Responding to the new Treasury figures, managing director of commercial finance at UK Finance, Stephen Pegge said: “It is important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.”
This data was published just as HMRC also revealed that in total, 12.1 million salaries are being covered by the government.
There are 1.1 million employers in the UK now utilising the Coronavirus Job Retention Scheme, meaning 9.4 million workers are furloughed and bringing the total value of claims to £27.4bn.
Some 2.7m self-employed workers have taken advantage of the Self-Employment Income Support Scheme, which has paid out £7.7bn so far.
The furlough scheme is set to end in October this year.
Statistics from UK Finance also showed lenders have granted 1.9 million mortgage payment deferrals in three months.