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New framework to help businesses deal with Covid loans

06-10-2020

The Treasury is in talks with the banking trade body, UK Finance, to develop guidelines for the treatment of borrowers using the state-backed bounce back loan scheme should they fall into difficulty. The Government and the finance industry are working on a code that will establish a standardised process that borrowers could expect, including offers of forbearance to help struggling businesses to stay afloat. However, industry sources say banks will resist applying the framework to other emergency state lending programmes. Kevin Hollinrake, a Conservative MP and co-chairman of the all-party parliamentary group on fair business banking, welcomed the talks, saying that he hoped for a "standardised code of practice to make sure that businesses are fairly treated and given time to restructure their finances should they run into cash flow difficulties".

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