I know many of you are now counting down the days until Budget Day, which is when Rishi Sunak will be letting us know whether he intends to shower us with any additional “Helicopter Money”.
Whether he will or not remains to be seen, but the way some journalists are leaked details of all loan schemes, support schemes and everything else, we may discover the facts and figures and what he has planned for the self-employed long before next Wednesday, which is Budget Day by the way.
Today HM Treasury has released the latest set of facts and figures surrounding Bounce Back Loan approvals, and as such below is an overview of that information.
From the 25th of January 2021 up to and including the 21st of February 2021 some 29,465 new Bounce Back Loans have been approved. To date some £45.61bn has been paid out via that scheme and in total since May the 4th 2020 a total of 1,500,466 business entities have secured a BBL.
The one question we all want answering of course is how the new replacement guaranteed loan scheme will be designed, and whether it is going to be one that has a 100% Government Guarantee, will be accessible to all SME’s and whether there will be any nonsense in the small print of that scheme, such as a different interest rate depending on which lender an SME goes with.
For reference many lenders have been interested in signing up to that new loan scheme, including Fintech’s, who are eager to see it designed in such a way that the interest rate they can charge will be higher than High Street lenders so they can secure finance to offer them and make a decent profit out of them.
Do we all want to be saddled with even more debt anyway?
Roll on Budget Day…..