Coronavirus Business Interruption Loan Scheme

Baroness Warsi Excerpts

Tuesday 12th May 2020 Lords Chamber

[Lord Callanan]

As I said in earlier answers, there are a number of different support packages besides CBILS, including the furlough and direct grant schemes. A number of supports are in place for all businesses. I do not accept that the systems have been slow to operate. As I said, 160,000 loans were approved under the bounce-back scheme in the first few days of operation.

[Baroness Warsi (Con)]

I draw the attention of the House to my interests as listed on the register. I congratulate the Government on their package of measures to support both businesses and individuals during this difficult period but, as my noble friend the Minister will appreciate, time is of the essence for businesses. Does he therefore have an average figure for the time between applications for business investment and bounce-back loans and the arrival of funds into company accounts? Secondly, on the furlough scheme, I understand there will be an announcement later today by the Chancellor. Has any consideration been given to the minimum furlough period for employees and whether it would be appropriate for a more flexible approach to be taken for those companies—many businesses—which are working week-on, week-off to cope with ad hoc business conditions?

[Lord Callanan]

I can tell my noble friend that many bounce-back loans are being approved within a day. We are getting the money out to companies as quickly as possible. I am sure she will understand that I do not want to give out information in advance of what the Chancellor might say in Parliament this afternoon.