Oral Answers to Questions

Stephanie Peacock Excerpts

Monday 4th May 2020 Commons Chamber

The Secretary of State was asked—

[Stephanie Peacock (Barnsley East) (Lab)]

Whether the Government have collated statistics by region on the number of businesses that have had their coronavirus business interruption loan application (a) approved and (b) rejected.

[Miss Sarah Dines (Derbyshire Dales) (Con)]

What steps his Department is taking to ensure that all firms requiring assistance are able to access the coronavirus business interruption loan scheme.

--- Later in debate ---

[The Secretary of State for Business, Energy and Industrial Strategy (Alok Sharma)]

As of 1 May, over £4.7 billion-worth of loans have been issued under the coronavirus business interruption loan scheme to 29,496 businesses. From today, businesses will be able to access our new bounce-back loans of up to £50,000 by filling in a simple, quick application. Those will be backed by a 100% Government guarantee.

[Stephanie Peacock [V]]

Since I tabled this question, the Government have taken action in this area, which I welcome, but can the Secretary of State respond to my constituents’ concerns that the application for the business interruption loan scheme is too complicated? Will he develop a simple, standardised application process for businesses looking to access loans above £50,000?