Small firms to get 100%-taxpayer-backed loans

Small firms are to get access to 100% taxpayer-backed loans after they raised concerns about slow access to existing coronavirus rescue schemes.

Chancellor Rishi Sunak told the House of Commons the scheme would start next week, offering firms loans up to £50,000 within days of applying.

It aims to unlock a backlog of credit checks by banks amid fears many small firms could fold before getting loans.

The scheme requires filling in a two-page self-certification form online.

Internet link: https://www.bbc.co.uk/news/business-52445988