Response from the business community
Chancellor Rishi Sunak said that the new Coronavirus Recovery Loan Scheme will ensure that businesses continue to have access to the finance they need as we move out of this crisis.
To date, the government’s emergency loan schemes have supported more than £75bn of finance for 1.6m British businesses. The latest loan scheme is part of the government’s £350bn support package which has included the furlough scheme and grants and tax deferrals.
However, Todd Davison, MD of Purbeck Personal Guarantee Insurance, warns that many SMEs could find themselves excluded from the Recovery Loan Scheme.
Millions of Britain s small and medium-sized businesses are awaiting the Budget with anticipation as any announcement could mean help or a serious struggle for survival.
Prime Minister Boris Johnson s Roadmap to Recovery revealed last week will have raised hopes as tentative dates for slowly reopening the economy were given.
However, it is Chancellor Rishi Sunak s Budget, which takes place on Wednesday that will decide how they will - or won t - get there.
Chancellor Rishi Sunak will deliver the highly anticipated Budget on 3 March
Many businesses have been forced to close intermittently over the past 12 months, while some have been all but completely inoperative.