

Just 5,000 businesses have got been handed emergency coronavirus loans despite 300,000 enquiries.

The Government's Coronavirus Business Interruption Loan Scheme promised to help save British business, but fewer than one in 60 who applied for more information have received cash handouts.

⚠️ Read our coronavirus live blog for the latest news & updates

3 Just 1.4 per cent of firms who enquired about help have been handed the loans Credit: Getty - Contributor

Announced by the Chancellor Rishi Sunak last month, the scheme encourages banks to lend to struggling small businesses with the government covering 80 per cent of the amount.

He promised loans of up to £5m and vowed to do "whatever it takes" to save British business.

Four weeks on from the announcement, just 1.4 per cent of all requests have been dealt with.

Today, Business Secretary Alok Sharma admitted the banks were not moving quick enough.

He said: “I have spent the last couple of days talking directly to some of the largest lenders who are part of this scheme.

“I am very clear to say to them, we need to get money out of the door as soon as possible and they understand that and banks know on this occasion why they have to be part of the solution and they want to be part of the solution.”

Give now to The Sun's NHS appeal BRITAIN’s four million NHS staff are on the frontline in the battle against coronavirus. But while they are helping save lives, who is there to help them? The Sun has launched an appeal to raise £1MILLION for NHS workers. The Who Cares Wins Appeal aims to get vital support to staff in their hour of need. We have teamed up with NHS Charities Together in their urgent Covid-19 Appeal to ensure the money gets to exactly who needs it. The Sun is donating £50,000 and we would like YOU to help us raise a million pounds, to help THEM. No matter how little you can spare, please donate today here www.thesun.co.uk/whocareswinsappeal

The Government was bashed by shadow chancellor and Labour MP Anneliese Dodds.

She said: “This is critical for preventing a deeper, longer economic impact from this crisis.”

A British Chamber of Commerce poll has found just 1 per cent of UK firms have successfully accessed the grant.

NatWest, which includes Royal Bank of Scotland, say it had approved 2,500 loans as of Friday morning and is responsible for about half of all loans made under the scheme.

Firms all over Britain earlier revealed their fury after being either refused emergency loans, or left unable to even speak to banks on the phone.

One million firms are set to shut because banks are refusing to give them the loans they need to survive.

With most branches closed, thousands of firms are now struggling to get the cash they were promised just a month before.

Those that are open are then limiting the number of customers that can be in a branch at any one time, making it even harder for people to get the help promised.

Companies struggling to stay afloat have complained they couldn’t get even get through on the phone, and those that did were told the money will take weeks they can’t afford.

3

3

MOST READ COVID CLAMPDOWN PM unveils huge £10k fines for Brits who break covid self-isolation rules SHORT SHARP LOCK Pubs & restaurants could shut completely within days in two-week lockdown Latest ON THE BRINK England faces lockdown in days as cases double and Nightingale ward on standby Exclusive CARROT AND STICK Workers told to isolate with Covid symptoms will be given cash lump sum Exclusive BORDER FARCE Fifty 'boomerang' migrants given right to stay despite being deported before Latest TYNE UP North East WILL lock down at midnight with curfew & ban on friends & family visits

Alok Sharma says NHS staff need more PPE and government has plan to source additional equipment outside of UK

We pay for your stories! Do you have a story for The Sun Online news team? Email us at tips@the-sun.co.uk or call 0207 782 4368 . You can WhatsApp us on 07810 791 502. We pay for videos too. Click here to upload yours.