Covid-hit businesses can get up to £10m in government-backed loans from today

COVID-HAMMERED businesses will be able to get government-backed loans of up to £10million under a new scheme launched today.

Coffee shops, restaurants, hairdressers and gyms forced to shut down because of lockdown will be able to access the cash.

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Rishi Sunak is doling out loans between £25,000 and £10m to help companies see through the rest of the year.

The Chancellor said: “We have stopped at nothing to protect jobs and livelihoods throughout the pandemic and as the situation has evolved we have ensured that our support continues to meet businesses’ needs.

“As we safely reopen parts of our economy, our new Recovery Loan Scheme will ensure that businesses continue to have access to the finance they need as we move out of this crisis.”

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The Recovery Loan Scheme replaces the old Bounce Back Loan Coronavirus Business Interruption Loan schemes.

The Treasury has promised to cover a whopping 80 per cent of what banks lend if businesses cannot repay the cash.

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