The U.K. has paid out more than $1.25 billion to small businesses across the country to help them weather the coronavirus pandemic.
The U.K. has paid out more than 1 billion pounds ($1.25 billion) to small businesses across the country to help them weather the coronavirus pandemic.
Almost 100,000 firms have so far drawn on the cash from the government’s grants programs for small businesses, retailers and the hospitality sector, the Local Government Association said in an emailed statement Monday.
The small business program awards eligible companies payments of 10,000 pounds, while the one for retailers and the hospitality industry pays out sums of as much as 25,000 pounds.
While Chancellor of the Exchequer Rishi Sunak has unveiled an unprecedented package of measures to protect workers and businesses from the downturn caused by the pandemic, the government has been criticized for the speed of delivery.
On Sunday, Business Secretary Alok Sharma said just 4,200 government-backed loans had been issued under a program for small businesses — a number that was immediately criticized as “low” by former Bank of England Governor Mervyn King, who said it showed something had gone wrong.