DEBT bombshell: Property industry owes government £2.42 billion

first_imgThe eye watering amounts of money lent by Chancellor Rishi Sunak to the property industry during the pandemic has been revealed within the latest Covid loans data.It reveals the total cost of the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back loans scheme paid to the ‘real estate sector’.Both schemes have provided financial support to businesses across the UK that are losing revenue and seeing their cashflow disrupted as a result of the Covid-19 outbreak.This includes all the services related to managing, buying, selling and renting residential and commercial property including land.Covid loansSome £204 million has been given to companies operating in these property industry sectors under CIBLS, and have come via 1,001 loans. But £2.21 billion in Bounce Back loans have also been distributed via 63,000 loans. This gives a total of £2.42 billion that companies, including many estate agencies, will have to pay back as the Covid loans hangover kicks in.Small Business Minister Paul Scully (pictured) says: “Throughout this crisis, we have backed business of all sizes in every corner of the UK.“The schemes put in place by the government-owned British Business Bank have provided some much-needed breathing space for businesses as they deal with the challenges posed by coronavirus.“Government support has helped firms right across Britain, not just in keeping businesses going but now enabling thousands to bounce back in a safe, Covid-secure manner.”The CBIL and Bounce Back loans have been provided through the government-owned own British Business Bank.Read more about how CBILS and Bounce Back loans work.British Business Bank Covid Loans bounce bank loans Chancellor Rishi Sunak CBILS December 18, 2020Nigel LewisOne commentJames Gibbs, Gibbs Gillespie Gibbs Gillespie 18th December 2020 at 1:04 pmBearing in mind the ££millions paid in tax over the years, its good to see the Gov’t helping out. Or in other words to prevent huge unemployment statistics.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » COVID-19 news » DEBT bombshell: Property industry owes government £2.42 billion previous nextCOVID-19 newsDEBT bombshell: Property industry owes government £2.42 billionBritish Business Bank lending via CBILS and Bounce Back loans reveals eye-watering government financial support for industry.Nigel Lewis18th December 20201 Comment771 Viewslast_img read more

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Cops: Freeport Man Killed in Motorcycle Crash

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 33-year-old Freeport man was killed Saturday morning when his motorcycle crashed into a double parked tow truck in his hometown, Nassau County police said. Edgar Menendez was operating a 1999 Yamaha motorcycle southbound on North Main Street at 10:20 a.m. when he attempted to change lanes and struck the rear corner of a double parked tow truck, police said. Witnesses at the scene told police that the motorcycle was traveling at “a high rate of speed,” police said in a news release. Menendez suffered multiple chest injuries and was pronounced dead at the scene, police said. The motorcycle was impounded for a brake and safety check, police said. The tow truck driver was issued a traffic ticket for being double parked, police said.last_img read more

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