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Use of the Industrial Development Act 1982 for Coronavirus-related assistance

09 July 2020

Proposing MP
Alok Sharma Con
Reading West
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
View on Parliament.uk -->

At a Glance

Issue Summary

The statement addresses the reporting requirements under the Industrial Development Act 1982 and the Coronavirus Act 2020 for spending related to coronavirus assistance.

Action Requested

I am reporting on the expenditure of £72.4 million in contingent liability for 983 loans provided through the Coronavirus Business Interruption Loan Scheme from 25 March 2020 to 31 March 2020, fulfilling the quarterly reporting requirement under the Coronavirus Act.

Key Facts

  • The Industrial Development Act 1982 requires annual reporting on spend.
  • The Coronavirus Act 2020 introduced a new quarterly reporting requirement for coronavirus-related assistance.
  • In quarter 1 of 2020, £72.4 million in contingent liability was incurred from 25 March to 31 March due to the Coronavirus Business Interruption Loan Scheme.
  • The scheme provided 983 loans worth £90.5 million during this period.
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