DAILY BUSINESS BRIEFING FROM GOVERNMENT'S COVID-19 PRESS CONFERENCE
(courtesy of White Label)
More than 69,000 loans approved in the first day of the Bounce Back Loan Scheme
More than 69,000 Bounce Back Loans worth over £2billion have been approved during the first 24 hours of the scheme, the Chancellor has
The seven largest lenders (Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money) received more than 130,000 Bounce Back Loan Scheme applications on the first day of the scheme (4 May). More than 69,000 of these have been approved on the first day, and lenders are working hard to process and approve the rest as quickly as possible.
For more information on applying for a Bounce Back Loan go
COVID-19: Firms ready to restart within three weeks, say Chambers
Most firms believe they could be ready to restart business with just three weeks' notice, according to the latest British Chambers of Commerce weekly coronavirus survey of firms.
The survey suggests businesses that offer services to other business are the most ready, with two-thirds saying they would need less than one week or no notice at all to restart operations.
"Businesses' ability to restart quickly varies by company size and by sector," said BCC director general Dr Adam Marshall. Fewer than half of firms serving consumers said they were confident of being ready that quickly. "It will be crucial for the government to maintain and evolve support for businesses, to give as many firms as possible the chance to navigate a phased return to work," said Dr Marshall.