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19 Mar 20201 minute read

Contractor concern on £330bn coronavirus fund

ECAtoday
Contractor concern on £330bn coronavirus fund

Construction firms may not be eligible for the Government’s new £330 billion emergency coronavirus loan scheme, according to Construction Enquirer.

The Bank of England has stated that firms “making a material contribution to the UK economy” who “were in sound financial health prior to the shock” will be eligible for the loans.

However, Enquirer quote an unnamed finance expert who says that “a lot of big-name contractors” in the industry would not likely meet those criteria.

As one contractor notes: “the nightmare scenario is shutting down sites without a crystal-clear indication of financial help and a strategy for getting the country building again.”

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