COVID-19 Business lending alterations.

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Many businesses have been denied access to the Corona-virus Business Interruption Loan Scheme. 

Businesses had 3 ways to survive this:

1. Insurance - Most companies have worded their policies to avoid paying out during these circumstances. They have essentially avoided paying out because of a loophole. 

2. Trading - Businesses have been following the advice of the government and closed to protect the public. They have done this on the assumption that they will be looked after by the government.  

3. Funding - Lending funds to pay their financial obligations and ensure the best possible chance upon re-opening. 

So far Insurance has failed to protect business. The ability to trade has been removed. So far funding has only been agreed to a very select few. 

This is unacceptable. Banks are working on a risk basis and because they are required to take 20% of the risk involved they are being hesitant to act during uncertain times.

The Government needs to take control of the situation because right now the banks are looking after their own financial interests and not that of the businesses who need their support. 

Either Accept 100% of the liability for banks or lend the money directly. Any Business that has been trading before this and has a reasonable chance of survival after this should not be denied access to the funds they require. 

Businesses will fail. 

Jobs will be lost.

The economy will be damaged.

It's up to you to minimise the impact.