The government must bring in urgent reforms to its coronavirus loan scheme to stop small businesses going bust.
"Approvals for the scheme have shown an eightfold increase in the last two weeks - with around 4,200 loans worth just over £800m signed off. Government-backed loans were to be available to all firms that were solvent and trading when the shutdown began. "You've got the Business Minister Alok Sharma and the Chancellor Rishi Sunak saying 'We won't let bureaucracy get in the way' but that's exactly what's happening," he said.
"That means there's nothing for customers who have a perfectly viable business but can't show all the banks require to get a government-backed loan."
Why did the government give the money to banks? They need give moment to the businesses that need them!! UK has shown it's had and is not dealing with the lockdown and is hurting people and businesses alike!! all this talk of making xyz money available is just bull..looks good
Why nobody talks about all this people who set up self employed recently ? 19/20is my first tax year, I live in London, income has dropped 60% working from home plus I had to invest in equipment I can’t pay rent at the moment ☝️ I can’t be the only person in this situation
The mistake was giving the banks the power to distribute government loans. We all forget that its the banks job to hold onto as much money as they can. They don't want to loan it.
business being critical of a tory government.
In a competitive market a lot of firms operate close to the edge. The idea that people in business make a fortune is a myth
I struggle to believe any business that does corporate team building events has a future. This service is very late 80’s.
Then you’re in the majority, just like the rest of us at the moment. CBILS loan scheme is broken. fixCBILS RishiSunak before it’s too late. If Germany & Switzerland can back their firms 100% why can’t you?
What about telling the good news story of thousands of businesses that have got a loan. Oh of course, that wouldn’t fit into the BBC,s anti government propaganda campaign would it. No, gloom and doom it has to be. The sooner the BBC is defunded from the public purse the better.
It seems that there are so many personal credit loans. These days, I have received loan promotion from many banks. The annual interest rate is 3.6%.
This will change the way you manage your business infuture Yes we get a good wage from being a business, but we need to hold our own when it comes to financial hand downtime or self isolation, you should be able to have enough money to survive for 6 months without assistance
Suck it up buttercup
I was told my company is a good business but my bank wouldn't want the risk and I should get a credit card?
When its hot.. ,they gv umbrella , when its raining , they pull it bck... !! 😇..😌... 😃
'only 2% of UK's firms had so far secured the loans.' Either our relief loan system is screwed or it's working perfectly and because of the tories mismanagement of our economy, only 2% of UK businesses are viable.
So... your firm is.... not viable?
Bro its like 1am nobodys reading