The government is said to be considering an extension of its Covid-era Small Business Recovery Loan Scheme to help businesses across the country struggling with rising costs and border supply issues. However, the EU’s temporary state aid framework – which relaxed some of the bloc’s rules during the pandemic – is due to end on June 30.
Government sources told the Sunday Telegraph that this would mean the maximum amount it could offer on a loan was £1m, while companies can currently borrow up to £2m.
This comes as Boris Johnson is due to travel to Belfast on Monday to encourage politicians there to form a power-sharing executive, after last week’s elections returned Sinn Fein as the country’s biggest party.
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