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The Chancellor, Rishi Sunak, is expected to announce the extension of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) until the end of November.
According to the latest industry research, UK businesses have borrowed more than £52.6 billion in a bid to combat the disruption caused by the Coronavirus pandemic.
More than 1.23 million UK businesses have accessed COVID-19 support schemes backed by the Government, according to the latest figures from HM Treasury.
UK businesses are owed more than £133 billion since the lockdown measures began in March, with the average business waiting on £148,917 for work that was completed before the lockdown.
The Government’s Bounce Back Loans Scheme has provided more than £23 billion in finance to more than 780,000 businesses, according to the latest research.