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Coronavirus: More than 1 million firms applied for loans under emergency schemes

Three state-backed loan schemes, which are administered by high-street lenders, have paid out £34.9bn to around 830,000 businesses.
More than one million businesses have applied for a government-backed loan to help them get through the economic destruction caused by the pandemic.

Meanwhile British businesses have furloughed nearly nine million jobs, under a scheme where the government pays up to 80 per cent of an employee’s salary while they stay at home.

Three government-backed loan schemes, which are administered by high-street lenders, have paid out £34.9bn to around 830,000 businesses up and down the country.

By Sunday night almost 1.1 million businesses had applied for one of the government’s three schemes.

By far the most popular was the bounce-back loans, designed to quickly funnel up to £50,000 to small firms.

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