U.K. government forces banks to lend to small businesses on the brink of collapse

U.K. government forces banks to lend to small businesses on the brink of collapse

Late Thursday evening Sunak stepped in and strengthened the support package by preventing the banks from requesting personal guarantees for loans under £250,000. stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals.. It will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to businesses with an annual turnover of between £45 million and £500 million.. In the U.S., a $350 billion forgivable loan program designed to ensure that small businesses do not lay off employees was part of the $2 trillion coronavirus stimulus package passed late last month..