Commons Sense

House of Commons · Ministers' Questions

Coronavirus Business Interruption Loan Scheme

Monday 18 May 2020 · 1 question

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 0 Not answered 0

Key points

  • Daniel Zeichner asked about improving reporting accuracy for the Coronavirus Business Interruption Loan Scheme, possibly by region.
  • The Minister stated that weekly updates are published and conversations with banks are ongoing.
  • A roundtable is scheduled to monitor the scheme's progress and ensure loans reach businesses quickly.

Topics (select to filter)

Questions & Answers

Q1 Daniel Zeichner Lab South Cambridgeshire
Business & Trade
Context

The Treasury is collaborating with the Department for Business, Energy and Industrial Strategy to assess the scheme's effectiveness. Since its launch on 23 March, over £6 billion has been approved through CBILS.

Question

Despite the scheme's launch and initial figures showing progress, uptake remains disappointing necessitating additional measures like bounce-back loans. Could we have more accurate reporting similar to health statistics, possibly by region?

Answer from John Glen (Financial Secretary to the Treasury)

We are examining figures closely and publishing weekly updates. Conversations with banks occur regularly and a roundtable is scheduled this week to monitor progress, ensuring loans reach businesses quickly as intended.

Answered
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