Question to the HM Treasury:

To ask Her Majesty's Government what percentage of the funding available to support businesses during the COVID-19 pandemic has been allocated to date.

The Government has announced unprecedented support for business and workers to protect them against the current economic emergency including an initial £330 billion of guarantees – equivalent to 15% of UK GDP. We have taken further steps to give businesses access to cash to pay rent, salaries or suppliers, alongside a commitment to pay 80% of the regular monthly wages, up to £2,500, of furloughed workers for four months, via the Coronavirus Job Retention Scheme (CJRS).

So far over £15 billion has been issued through the Bank of England’s Covid Corporate Finance Facility (CCFF) and over £4.4 billion through the Coronavirus Business Interruption Loan Scheme (CBILS) (as of 30 April). On 20 April the Government launched the Coronavirus Large Business Interruption Loan Scheme (CLBILS), and the first CLBILS loans have already been agreed. The Bounce Back Loan scheme launched on 4 May. Together these measures ensure almost all viable UK businesses can apply for a government backed loan.

The CJRS went live on 20 April. There is no limit on the amount of funding available for the CJRS.

All eligible businesses in the retail, hospitality and leisure sectors will pay no business rates in England for 12 months from 1 April. This support is worth over £9.5 billion to businesses. In addition, all business are able to defer VAT for up to 12 months which is worth over £30 billion or 1.5% of GDP.

The Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund are already making a real difference to many thousands of businesses across the UK, which have received a total of over £8.6 billion since the schemes were launched.