Before the Open newsletter: Start your day with the City View podcast and key market data (AFP via Getty Images) Also Read: UK has now approved £46.7bn of coronavirus business loans A further £11.85bn to 54,538 businesses has been borrowed through Rishi Sunak’s original Coronavirus Business Loan Scheme (CBILS), which sees the government undewrite 80 per cent of loans up to £5m. whatsapp The government’s original CBILS scheme was plagued by a slow and laborious approvals process, with many complaining early in the coronavirus crisis that loans were not being provided quick enough. British businesses have now accessed £46.7bn of loans through the government’s package of emergency coronavirus support schemes. whatsapp UK has now approved £46.7bn of coronavirus business loans A further £419.6m was borrowed through the Future Fund, which is aimed at high-growth start-ups. Tuesday 14 July 2020 10:58 am The Coronavirus Large Business Interruption Loan Scheme (CLBILS) – loans up to £200m for large businesses – has facilitated £2.73bn of borrowing for 412 businesses. (AFP via Getty Images) Also Read: UK has now approved £46.7bn of coronavirus business loans Show Comments ▼ New figures released today showed that £31.70bn of bounce back loans -lending of up to £50,000 which the government 100 per cent underwrites – have now been approved for 1.05m businesses. The bounce back loan scheme was introduced as a way for banks to approve loans far quicker for small businesses, with the government taking on all of the default risk. Stefan Boscia More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org UK GDP plummeted by a record 20.3 per cent in April thanks to the Covid-19 lockdown, however experts predicted a 5 per cent rebound in May. (AFP via Getty Images) May’s figures were “a disappointing first step on the road to recovery,” said Thomas Pugh, UK economist at consultancy Capital Economics. Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funnybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutJustPerfact USAMan Decides to File for Divorce After Taking a Closer Look at This Photo! JustPerfact USAFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterMisterStoryWoman files for divorce after seeing this photoMisterStoryBleacherBreaker41 Old Toys That Are Worth More Than Your HouseBleacherBreaker The new figures come as the Office for National Statistics (ONS) revealed that the UK economy grew by 1.8 per cent in May, which was much less than economists expected. Banks carried out stringent checks to see if companies applying would be viable in the long-term as the government took 80 per cent of the default risk and not all of it.