RISHI Sunak has forced banks to make it easier for small firms to get help in the virus crisis.
The Chancellor has banned them from asking for personal guarantees on loans under £250,000.
⚠️ Read our coronavirus live blog for the latest news & updates
Those needing larger amounts will have to stake only 20 per cent of personal assets and their homes will be protected from repossession.
Banks had been denying business owners access to the scheme when they were eligible for commercial loans at a higher rate, but that loophole has now been closed.
Around 130,000 companies have asked about emergency cash so far with £90million approved for 1,000 small businesses, and £1.9billion in government-backed loans to large firms.
Mr Sunak said: “We are making great progress on getting much-needed support out to businesses to help manage cashflow during this difficult time.”
STAY AT HOME
Police get powers to fine Brits up to £1000 for being outside homes
“We have also listened to the concerns of some larger businesses affected by COVID-19 and are announcing new support so they can benefit too.
“This is a national effort and we’ll continue to work with the financial services sector to ensure that the £330 billion of government support, through loans and guarantees, reaches as many businesses in need as possible.”
A new loan for larger firms will also provide a government guarantee of 80 per to enable banks to make loans of up to £25 million to larger companies with a turnover of £45 million and £500 million.