Over £100bn in support from banks and the Government has been received by UK firms through coronavirus stimulus initiatives, with lenders distributing more than £58bn and companies claiming £39.3bn under the furlough scheme. Stephen Pegge, head of commercial finance at banking body UK Finance, noted that “the banking and finance industry has a clear plan” to help firms negotiate “these tough times,” cautioning that “it is important to remember that any lending provided under government-backed schemes is a debt not a grant. Firms should carefully consider their ability to repay before completing an application.”
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