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Small Businesses: Coronavirus

Question for Department for Business, Energy and Industrial Strategy

UIN 40681, tabled on 27 April 2020

To ask the Secretary of State for Business, Energy and Industrial Strategy, what discussions he has had with representatives of the financial sector on additional financial support that may be made available to SMEs which are ineligible for the Coronavirus Business Interruption Loan Scheme.

Answered on

5 May 2020

The Coronavirus Business Interruption Loan Scheme (CBILS) is part of a comprehensive package of support for SMEs, including business rates relief, grants and support for wage packages. The Government continues to seek to identify new areas for improvement across this support.

The Government held discussions with the banking industry prior to the launch of the CBILS. The Business Secretary continues to hold a regular dialogue with each of the biggest CBILS lenders to address feedback on how the scheme has been working and closely monitor its implementation.

The Business Secretary continues to work with banks and other finance providers to help SMEs access the finance they need and has discussed with these organisations the alternative forms of support for businesses that they are offering. The Government welcomed the statement by UK Finance on behalf of the financial sector which announced that banks, building societies and credit card providers are committed to supporting their business customers in continuing to trade.