£24bn approved in Bounce Back Loans

Ryan Fowler

June 9, 2020

HM treasury mortgage holidays extended

Almost £24bn of Bounce Back Loans had been approved up to Sunday night with 782,246 small businesses benefiting from the scheme, Treasury figures have revealed. 

The scheme offers 100% government guarantees for banks providing the loans – this has seen lenders fork out £23.8bn as of 7 June.

Businesses also borrowed £9.6bn under the Coronavirus Business Interruption Loan Scheme (CBILS), which is backed with an 80% government guarantee, up from £8.9bn.

A total of 93,305 applications have been made to CBILS with 47,650 approvals so far

The Treasury also revealed that the number of jobs furloughed rose to 8.9m from 8.7m, and employers claimed £19.6bn under the job retention scheme.

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