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Media comment: Chancellor’s announcement is great for micro businesses but doesn’t go far enough

27 April 2020

We welcome the Chancellor’s announcement to fully guarantee loans for small businesses up to £50,000. This will provide some much-needed financial relief to many good businesses – and is something we have been calling for the Government to tackle early on.

However, we still believe that the Government should extend its 100% loan guarantee for all loans under £250,000, subject to still performing their essential fraud and economic crime checks. This would certainly provide quicker access to working capital and help them with immediate, critical cashflow issues.

Letting good businesses which are set to grow fail will only hurt our country’s long-term recovery.

Andrew Harding, FCMA, CGMA
Chief Executive — Management Accounting
The Chartered Institute of Management Accountants, part of the Association of International Certified Professional Accountants