Submitted on Friday 27th March 2020
Rejected on Wednesday 13th May 2020
Current status: Rejected
Rejection code: already-happening (see below for details)
No personal guarantees to provide state-backed COVID-19 loans to business owners
UK Government must make it illegal for UK banks to request personal guarantees when issuing government-backed COVID-19 emergency loans to business owners. Requiring personal guarantees loads most of the risk from the loan on the business owner, rather than the banks.
This must be done because we can't allow UK banks to take advantage of struggling SME owners during the COVID-19 crisis. The coronavirus business interruption loans are a key instrument of the government's package to protect businesses throughout the ongoing shutdown. It is therefore morally wrong for banks to require personal guarantees e.g. savings, shares, or holiday homes when issuing emergency loans when the UK government has promised to cover 80% of losses where the loans can’t be repaid.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
Since you started your petition the Government has announced that lenders will be banned from requesting personal guarantees on business interruption loans under £250,000: www.gov.uk/government/news/chancellor-strengthens-support-on-offer-for-business-as-first-government-backed-loans-reach-firms-in-need
If you want this ban to be extended to cover all loans offered under this scheme you could start a new petition requesting this.
You can find out more about coronavirus and how you can protect yourself and others here:
www.gov.uk/coronavirus
www.nhs.uk/conditions/coronavirus-covid-19/
The Government has also created an online service to help you out what you can do if you’re struggling because of coronavirus: www.gov.uk/find-coronavirus-support
You can read NHS tips to help if you are worried about coronavirus here: www.nhs.uk/oneyou/every-mind-matters/coronavirus-covid-19-anxiety-tips
You can read impartial analysis of the Government response to coronavirus and policy developments here: commonslibrary.parliament.uk/coronavirus/
You may also be interested to know that because of the large number of petitions that have been started in relation to coronavirus, the Petitions Committee has been questioning the Government about its response to the coronavirus outbreak.
Find out more and watch the Committee put questions suggested by petitioners to Government Ministers and the Deputy Chief Medical Officer: committees.parliament.uk/committee/326/petitions-committee/news/145767/committee-question-deputy-chief-medical-officer-and-ministers-on-coronavirus-response/
Read letters asking further questions of Government Ministers: committees.parliament.uk/committee/326/petitions-committee/publications/3/correspondence/
3.137.213.98 Wed, 20 Nov 2024 02:21:55 +0000
