UK Treasury rushes to finalise coronavirus bounce back loan scheme

Details of Rishi Sunak’s small business support yet to be agreed, days ahead of launch

The Treasury and UK banks are locked in tense discussions about the final terms of a new fast-tracked business loan scheme due to launch on Monday, as figures showed lenders have approved less than 50% of the applications for government-backed funding as part of the existing programme.

The new “bounce back” loan scheme was announced by the chancellor, Rishi Sunak, at the start of the week with some key details still to be ironed out, and is scheduled to become available on Monday.

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Author: Kalyeena Makortoff Banking correspondent | Source

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