Source · Select Committees · Business and Trade Committee
Recommendation 1
1
Paragraph: 17
We commend the Government for moving quickly at the start of the pandemic to implement...
Conclusion
We commend the Government for moving quickly at the start of the pandemic to implement novel and wide-ranging financial support schemes. We welcome these measures, which have delivered unprecedented levels of financial support to individuals and have shielded vast numbers from the potentially devastating economic impact of the pandemic.
Paragraph Reference:
17
Government Response
Acknowledged
HM Government
Acknowledged
1. Thank you for advanced sight of the interim report linked to the Business, Energy and Industrial Strategy Committee’s inquiry on the Impact of Coronavirus on Business and Workers (the Inquiry). 2. We recognise the coronavirus pandemic has created extremely challenging circumstances for businesses and workers. Throughout this pandemic, my Department has worked in close collaboration with the rest of Government in the creation and maintenance of an unprecedented package of support measures for business. The Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), and Bounce Back Loan Scheme (BBLS) have provided vital support to businesses throughout the pandemic. As of 21 March, over 1.6 million facilities have been approved, totalling over £75 billion in loans.