Covid loans data reveals £80 billion of government support

Rishi Sunak Covid loans

Chancellor Rishi Sunak.

Businesses were supported through the pandemic with nearly £80 billion of emergency government-backed loans, final figures published by HM Treasury reveal.

Businesses across the UK have received almost £80 billion worth of emergency government-backed loans during the Covid crisis, the government said on July 6.

Over 1.67 million loans, including Bounce Back Loans and Coronavirus Business Interruption Loans, were approved between April 2020 and May 2021.

“We promised to stand by businesses at every stage of the pandemic and we have delivered on that promise. I am proud of the extraordinary extent of support we’ve offered since March last year. We will continue to back businesses and protect people’s jobs as we recover from coronavirus,” said Chancellor Rishi Sunak.

“More than 1.5 million Bounce Back Loans worth £47 billion were provided during the pandemic, with £26 billion also provided as Coronavirus Business Interruption Loans.

“A further £1.12 billion of funding has been provided to 1,140 high growth firms through the Future Fund. This scheme, which closed on the January 31, was designed to support innovative UK companies that typically rely on equity investment and whose access to investment was affected by Covid-19,” he added.

The first loan schemes were opened in March 2020 and closed on 31 March 2021 but applications received before closure were processed for approval until the end of May 2021.

The Recovery Loan Scheme will run until 31 December 2021.

Thank you for reading, and don’t forget to check The Euro Weekly News for all your up-to-date local and international news stories.


Author badge placeholder
Written by

Deirdre Tynan

Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.